Filing Alert: Partners Pharmacy Chapter 11
Partners Pharmacy Files Chapter 11 in Southern District of Texas
Partners Pharmacy Services, LLC and its debtor affiliates⁽¹⁾, a Springfield, NJ-based long-term care pharmacy operator, filed for Chapter 11 protection on Aug. 13 in the U.S. Bankruptcy Court for the Southern District of Texas.
The filing is intended to facilitate a going-concern §363 sale. Prepetition lender CS One, LLC has agreed to provide a $6.5 million priming DIP and serve as stalking horse with a $50.7 million credit bid (prepetition balance plus DIP), while the debtors seek to use cash collateral and maintain operations as SSG Capital Advisors markets the assets.
The company reports $1 million to $10 million in assets and $10 million to $50 million in liabilities. The filing indicates that no funds will be available for distribution to unsecured creditors after administrative expenses are paid. The case number is 25-34698.
⁽¹⁾ For a complete list of debtor entities, see the Chapter 11 Debtors table.
Chapter 11 Debtors
Top Unsecured Claims
Key Parties
Counsel:
- Patrick J. Potter
- Pillsbury Winthrop Shaw Pittman LLP
- Email: patrick.potter@pillsburylaw.com
Investment Banker:
- SSG Capital Advisors, LLC
Financial Advisor / CRO:
- Gibbins Advisors, LLC (Ronald M. Winters)
Claims Agent:
Equity Security Holders:
- Care Solutions, LLC – 100% Equity Interest
Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.
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