ATI Physical Therapy Inc is seeking fresh capital and permission from existing lenders to push out its loan maturity, according to people with knowledge of the matter, Bloomberg reports.
The struggling rehabilitation provider has tapped Evercore and Weil Gotshal & Manges to assist in negotiations with investors, while a group of term loan holders is getting advice from Gibson Dunn & Crutcher and PJT Partners, according to the people, who asked not to be identified because the talks are private.
ATI, which went public last year through special purpose acquisition company Fortress Value II, has roughly $557 million outstanding on a first lien loan due in 2023. ATI’s chief executive stepped down two months after the company went public. The company in July reported results below analysts expectations and cut full-year revenue projections by as much as 12 percent. Read more.
