Attorney Carolyn Johnsen to be Honored at the 2017 Turnaround and Transaction of the Year Awards

October 3, 2017
Dickinson Wright PLLC is pleased to announce that Attorney Carolyn Johnsen will be honored at the 2017 Turnaround and Transaction of the Year Awards on October 23, 2017 in Fort Worth, Texas. Ms. Johnsen is part of the team that is being recognized for “Turnaround of the Year: Mid-Size Company – Gilbert Hospital, LLC and Florence Hospital at Anthem, LLC.”

Gilbert Hospital is a small emergency hospital located in Gilbert, Arizona, a metropolitan suburb of Phoenix. Florence Hospital at Anthem is a small emergency hospital located in Florence, Arizona, a rural community located 60 miles from Phoenix. The two hospitals were founded by the same physician but were run entirely separate with different management and vendors. They did have a common secured lender. Each hospital suffered from lack of capital, competition, lack of leadership and poor collections. Each filed separate Chapter 11 bankruptcies a year apart.

In an extremely unprecedented move, Gilbert Hospital and the secured creditor proposed a plan of reorganization joining the two essentially unrelated hospitals. However, under the plan, the secured creditor would receive additional collateral and ultimately be paid in full while unsecured creditors would receive a cents-on-the-dollar recovery.

Ms. Johnsen representing the unsecured creditors’ committee in the Florence case countered with a Committee plan and then orchestrated a series of negotiations among all the factions that included the lender, the hospitals’ landlords, the United States Trustee and the Court-appointed patient ombudsman. The result was a full payment to all creditors. This case ultimately was a successful and creative solution to merge a rural and a suburban hospital and combine their respective strengths and reduce their respective weaknesses. Ms. Johnsen serves as the Trustee for the payments to creditors and will achieve the 100% mark.

Ms. Johnsen is a Member in the firm’s Phoenix office. Her experience includes creating complex plans of reorganization for multi-million dollar companies in a wide-range of industries, including mortgage lending, real estate, manufacturing, retail, refining, hospitality, aviation and energy-related. She has advised private and public corporations in formulating and implementing managerial, personnel and operational structures. She has also guided numerous boards and senior managers in developing strategies and solutions for revising operations and restructuring debt to effectuate the emergence of a stronger business through bankruptcy, or to take advantage of acquisition and sale opportunities, including the application of bankruptcy procedures favorable to corporate securities regulation compliance. In addition, Ms. Johnsen has negotiated multiple multi-million dollar transactions with lenders, investment bankers and brokers, asset purchasers and sellers, and governmental agencies.

Since 1993, the Turnaround Management Association has honored excellence through its annual awards program, which recognizes the most successful turnarounds and impactful transactions. The winners will be honored during a special awards celebration at The 2017 TMA Annual, taking place October 23-25 at the Omni Fort Worth Hotel in Fort Worth, Texas. To learn more, please click here.
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