American Addiction Centers Files For Bankruptcy

AAC Holdings Inc., the publicly traded parent of American Addiction Centers (AAC), filed for Chapter 11 bankruptcy protection. The Brentwood, Tennessee-based company listed debt of $517.4 million and assets of $449.3 million in its filing in U.S. Bankruptcy Court in Delaware.

The company stated it expects to emerge from bankruptcy in 125 days after executing on a recapitalization plan that will slash its debt. AAC lined up $62.5 million of initial financing that will allow it to maintain operations during the restructuring, according to a separate statement. The company, which operates rehab centers in seven . . .