According to the report, Pantogran will acquire most of CARD’s assets through a court-supervised auction process, acting as the “stalking horse bidder.” The transaction is expected to be completed within 60 days.
To facilitate the process, CARD has filed for a court-supervised restructuring under Chapter 11 of the U.S. Bankruptcy Code. The organization has received approximately $18 million in new financing and plans to support its operations, providing care, and work with suppliers as normal throughout the process.
At the Becker's Fall Behavioral Health Summit, taking place November 4–5 in Chicago, behavioral health leaders and executives will explore strategies for expanding access to care, integrating services, addressing workforce challenges and leveraging innovation to improve outcomes across the behavioral health continuum. Apply for complimentary registration now.
