Physiotherapy Associates Hits Bankruptcy Road

Physiotherapy Associates, the Exton, PA based rehabilitation service provider company, recently filed for Chapter 11 bankruptcy protection.  Accounting concerns along with a $325M debt load are reportedly at the core of the bankruptcy.  Physiotherapy operates 575 outpatient rehab and O&P clinics in 34 states.

The firm was a 2012 acquisition by Court Square Capital Partners - part of a trend toward increased PE investments in healthcare over the past few years.  Physiotherapy Associates is NOT headed down the bankruptcy road alone.  Rotech Healthcare, a home medical equipment company and Rural/Metro Corp., a provider of ambulance services hit the path earlier this year.  >>Read more

Source:  wsj.com