LifeCare Holdings

The firm served as counsel to the creditors' committee in the bankruptcy case of LifeCare Holdings, which, along with its wholly owned direct and indirect subsidiaries and certain affiliates, filed for chapter 11 bankruptcy protection in Delaware. Plano, Texas-based LifeCare operates twenty-seven long-term acute care hospitals in ten states. LCI Holdco LLC, parent company of LifeCare, was acquired by the debtors’ secured parties. The firm structured a creative settlement that avoided paying a $24 million administrative claim that was ultimately upheld by the Third Circuit and paved the way for a meaningful distribution to unsecured creditors.

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