SSG Capital Advisors, LLC (“SSG”) acted as the co-investment banker to Forest Park Medical Center at Fort Worth, LLC (“Forest Park – Fort Worth” or the “Company”) on the settlement agreement with Texas Health Resources, Inc. (“THR”). The settlement will enable THR to commence operations at the facility as Texas Health Hospital Clearfork. In addition, Forest Park – Fort Worth settled obligations with its real estate and equipment lessors in related transactions. The transaction closed in June 2016.

Forest Park – Fort Worth is a physician-owned, Texas limited liability company that operated a 54-bed state-of-the-art medical facility including 32 private rooms, 16 family suites and 6 intensive care beds. While in operation, the Company had approximately 175 employees including 115 full-time employees and 60 part-time employees.

After opening in November 2014, Forest Park – Fort Worth experienced increasing case volume over the course of 2015. Despite volume improvement, the Company’s cash flow was constrained during this critical stage of development. In order to preserve the value for stakeholders, Forest Park – Fort Worth filed for protection under Chapter 11 of the U.S. Bankruptcy Code in January 2016. SSG was retained by the Company to assist in the exploration and pursuit of strategic alternatives including a refinancing, restructuring or sale of the business. SSG conducted a comprehensive marketing process to both strategic and financial buyers and lenders and held ongoing discussions with the Company’s various stakeholders.

The Company’s real estate lessor, FPMC Fort Worth Realty Partners, LP (“Propco”), filed for protection under Chapter 11 in November 2015. An auction for Propco’s assets, including the Forest Park – Fort Worth facility, was held in May 2016. THR was ultimately the successful bidder and entered into a purchase and sale agreement for Propco’s assets. In conjunction with the acquisition of Propco’s assets, THR entered into the settlement agreement with Forest Park – Fort Worth as described above.

THR is a leading non-profit health system located in Arlington, Texas with 27 hospitals located throughout Texas. The health system includes acute-care and short-stay hospitals that are owned, operated, joint-ventured or affiliated with THR.

Other professionals who worked on the transaction include:

• Jay H. Krasoff of Chiron Financial, LLC, co-investment banker to Forest Park Medical Center at Fort Worth, LLC;
• J. Robert Forshey, Jeff P. Prostok and Suzanne K. Rosen of Forshey Prostok, LLP, counsel to Forest Park Medical Center at Fort Worth, LLC;
• Ronald Winters and Krista Lovingfoss of Alvarez & Marsal Healthcare Industry Group, LLC, Chief Restructuring Officer to Forest Park Medical Center at Fort Worth, LLC;
• Robert M. Hirsh, George P. Angelich and M. Douglas Flahaut of Arent Fox LLP, co-counsel to The Official Committee of Unsecured Creditors;
• Michael D. Warner and Rebecca W. Hollander of Cole Schotz P.C., co-counsel to The Official Committee of Unsecured Creditors;
• Clifford A. Zucker and Kevin J. DeLuise of CohnReznick, LLP, financial advisor to The Official Committee of Unsecured Creditors;
• Deborah M. Perry and Davor Rukavina of Munsch Hardt Kopf & Harr, P.C., counsel to Texas Health Resources, Inc.; and
• Melissa S. Hayward of Franklin Hayward LLP, counsel to FPMC Fort Worth Realty Partners, LP.