Sale of Henry Ford Village Recognized as “Turnaround/Transaction of the Year” for Inaugural TMA Detroit Chapter Awards
Dykema is proud to announce that the sale of Henry Ford Village (HFV) to HFV OPCO, LLC, an affiliate of Sage Healthcare Partners, will be recognized as the inaugural “Turnaround/Transaction of the Year (mid-sized company)” at the first-ever Turnaround Management Association (TMA) Detroit Chapter Awards Reception on May 4, 2022, at the Kingsley Hotel in Bloomfield Hills, Michigan. Dykema attorneys Sheryl Toby, lead bankruptcy and sale strategic counsel, along with associate Danielle Rushing, Jeanne Whalen, and Phyllis Adams, M&A and healthcare counsel, respectively, will be honored for their work on the transaction along with financial advisor FTI Consulting and investment banking firm RBC Capital Markets.
According to TMA, the award is presented to the individual who, together with a team of other TMA turnaround professionals, has orchestrated the most successful transaction/turnaround. A turnaround means more than adjusting a balance sheet. When corporate value is on the line, jobs are at stake and time is the enemy, turnaround professionals step in to establish effective operations, implement solid management, improve cash flow and increase production, in addition to countless other factors that contribute to the triumphant recovery of a struggling company.
Built in 1998, HFV (now called Allegria) has more than 1,000 units for independent, assisted living, memory, and skilled nursing care. The bankruptcy stands as one of the largest in the State of Michigan over the past decade and featured extreme challenges and significant risk factors. The residents’ homes, care, lifestyle, and investment for heirs were all at risk of loss—in addition to jobs and loss of investments by creditors. Fortunately, the case was considered to be extremely successful.
Several attorneys from myriad practice disciplines contributed to Dykema’s representation of HFV, including the areas of Bankruptcy, Healthcare Regulatory and Transactional, Class Action Litigation, Finance, Bonds, Real Estate, and Tax and Probate. The Dykema team included Sheryl Toby, Phyllis Adams, Jeanne Whalen, Danielle Rushing, Patrick Huffstickler, Jerry Aben, Tony Frasca, Nazneen Hasan, Scott Steinhoff, Carl Rashid, Tom Alleman, Ann Fillingham, Todd Gale, and Jong-Ju Chang.