On February 24, 2015, ProNerve Holdings, LLC and 8 affiliated companies filed voluntary chapter 11 petitions
in Delaware. The case is docketed at 15-10373, and has been assigned to The Honorable Kevin J. Carey.
According to the Declaration of George D. Pillari
filed in support of the petition, the Debtors are headquartered in a suburb of Denver, Colorado. The Debtors provide IOM services to acute care hospitals, health systems, specialty hospitals, ambulatory surgical centers, surgeons and physician groups in more than 25 states.
The Debtors employ over 200 full-time and part-time employees, provided services in nearly 25,000 patient cases in 2014 and, in 2014, had net revenue of approximately $31 million and a net loss of approximately $9 million.
According to the Pillari Declaration, as of the petition date, the Debtors had aggregate outstanding principal amounts under their various loan commitments in excess of $43 million. In addition, the Debtors have approximately $5.3 million of outstanding unsecured debt, comprised mostly of professional services, trade debt, employee severance and acquisition earnouts.