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Thursday, July 27, 2023

Doreen Granpeesheh Gets CARD Back

Dietrich Knauth at Reuters:
The Center for Autism and Related Disorders, which operates 130 treatment centers in the U.S., received bankruptcy court approval on Wednesday to sell itself back to its founder for $48.5 million.

The Nevada-based company, which is majority-owned by private equity firm Blackstone (BX.N), filed for bankruptcy in June, saying its business had suffered from higher labor costs, unprofitable long-term contracts with government and commercial healthcare providers, and a long-term shift to telehealth services.

U.S. Bankruptcy Judge David Jones approved the sale at a court hearing in Houston, Texas, saying he was "pleasantly surprised" the company's bankruptcy auction had managed to drive up the sale price from an initial $25 million bid.

"This is an important asset," Jones said. "Not only does it provide jobs and fill a spot in the market, it also provides a very valuable service to a segment of our population that needs help."