Reorganization and Sale Will Strengthen the Company’s Balance Sheet While the Company Continues to Operate Normally;
Benevis Maintains Focus on Supporting Patients, Dentists, and Other Associates in the Dental Practices it serves.
August 03, 2020 10:00 AM Eastern Daylight Time
MARIETTA, Ga.–(BUSINESS WIRE)–LT Smile Corporation, along with its subsidiaries Benevis Holding Corporation, Benevis Corporation, Benevis, LLC, Benevis Affiliates, LLC and Benevis Informatics LLC (“Benevis” and “Company”), announced that it has filed voluntary petitions for relief in the Southern District of Texas under Chapter 11 of the United States Bankruptcy Code to effectuate a recapitalization and sale of the business, and to improve its balance sheet and operating position. Benevis and its employees will continue their normal operations and their support of high-quality dental care at supported dental practices throughout the process. None of the Company’s supported dental practices are part of the Chapter 11 filing.
Benevis has secured committed financing from its current lenders; including New Mountain Finance Corporation and several of its credit investing affiliates, to bolster liquidity and enhance ongoing operations during the reorganization process. The prospective reorganization and sale process is intended to provide access to incremental investment and growth capital, furthering the Company in its mission to support high-quality, affordable dental care.
Benevis and its supported practices have been taking innovative steps to adapt to a changing marketplace severely impacted by the COVID-19 pandemic and other economic challenges.
“The dental practices supported by Benevis provide the highest quality dental services and care to millions of patients each year and this reorganization process will enable those practices, with the continued support of Benevis, to continue to do so” said Dr. Dale Mayfield, Chief Clinical Officer.
Scott Hornbuckle, Chief Financial Officer for Benevis stated, “The additional financing and the reorganization process will help us strengthen our balance sheet and solidify our path to future success. We look forward to continued investments in the future and the continuation of our long history of supporting outstanding dental care.”
Benevis’s legal advisor for the reorganization is Jackson Walker. Conway Mackenzie and Lincoln International LLC are serving as financial advisors to the Company.