Glenn Agre represents CareOne, LLC, the largest secured creditor and shareholder of Partners Pharmacy Services, LLC, and its affiliate CS One, LLC, in Partners Pharmacy’s Chapter 11 proceedings. Partners Pharmacy provides critical medication services to long-term care facilities across seven U.S. states. The company filed for Chapter 11 to pursue a lender-led Section 363 sale following unsuccessful out-of-court restructuring efforts.
CS One, LLC served as debtor-in-possession (DIP) lender through a $6.5 million facility and stalking horse bidder through a $51 million credit bid.
Following contested hearings before Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas, CS One’s $51 million credit bid for substantially all of the debtors’ assets was approved, and the creditors’ committee’s motion for standing to pursue certain claims against CS One was denied. This value-maximizing sale will provide substantial benefits to the debtors’ estates and stakeholders.
It was a hard-fought and meaningful victory for CS One, the debtors, and their estates, stakeholders and creditors.
The Glenn Agre team includes Andrew Glenn, Olga Fuentes-Skinner, Malak Doss, Nathan Ades, Michelle Perez, and Lindsey Neuberger.
