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Mr. Robichaux is a Managing Director in the Healthcare Practice of Bridge Associates LLC. Mr. Robichaux provides restructuring, crisis management, financial advisory and expert witness services to parties in a broad variety of healthcare industry settings. Current and former clients include providers, payors, secured creditors, unsecured creditor committees, trustees and other parties in interest in many sectors of healthcare. Sector experience includes hospitals, HMOs/managed care organizations, outpatient rehabilitation, independent physician practice associations (IPAs), physician practice management companies (PPMs), dental / orthodontic practice management companies (DPMs), ambulatory care clinics, skilled nursing care, home healthcare / home DME and institutional pharmacies.
Representative Matters
Chief Restructuring Officer leading a Bridge team providing an Interim Chief Financial Officer and a restructuring team to Physicians Specialty Hospital of East El Paso, LP, a 40 bed acute care, physician owned facility which filed for bankruptcy protection In El Paso, TX. Mr. Robichaux’s team is managing the process of identifying a buyer for the hospital and presiding over an auction process pursuant to Section 363 of the U.S. Bankruptcty Ciode..
Interim Chief Financial Officer for a $120 mm physician owned hospital group located in the Southwest United States. Mr. Robichaux is helping the group (2 acute care hospitals and one ambulatory surgery center) work through and improve their financial reporting and liquidity management process. In addition, he is assisting the group with a refinancing of their debt obligations.
Chief Restructuring Officer for and lead of the Bridge team serving as restructuring advisor to Senior Management Services of America, a long-term healthcare company operating sixteen nursing operations in Texas and Louisiana. The company, with revenues exceeding $25 million is headquartered in Arlington Texas and recently filed a Chapter 11 proceeding in Dallas, TX.
Leads the Bridge team providing advisory services to Financial Guaranty Insurance Company in connection with that institution’s healthcare review process.
Co-heads the Bridge team serving as financial advisor to a monoline bond insurance company (secured party) in connection with their involvement with a $500 million Midwest-based health system.
Hospital Engagements
$500 Million Hospital System (Midwest) currently retained by a bond insurance company (secured party) in connection with the system’s restructuring efforts.
200-Bed Hospital System (Texas) represented a bond insurance company (secured party) concerning valuation of the system’s assets, analysis of short-term liquidity and monitoring the system’s sale efforts.
300-Bed Community Hospital (Southern California) retained by a bond insurance company (secured party) to undertake a business plan review, evaluate restructuring options and monitor ongoing operations.
$250 Million Hospital System (New Jersey) retained by state court judge to prepare a financial viability / debt capacity analysis of one of the partnership’s two facilities under a dissolution agreement.
$350 million Integrated Healthcare System (Southwest) retained by hospital system to perform a strategic assessment and operational turnaround.
Doctors Hospital / Houston retained as financial advisor by the Unsecured Creditors Committee of this $100 million suburban hospital serving an economically / socially disadvantaged patient population.
Doctors Hospital / Shreveport retained by the hospital as financial advisor and expert witness in connection with a request by a limited partner for a state-court appointed receiver.
Publicly Traded Provider of Inpatient / Outpatient Rehab Services engaged to undertake an extensive field operational review of billing, coding and reimbursement practices.
Long-Term Care Engagements
Senior Living Properties LLC, a $170 million operator of 80 skilled nursing facilities retained as Chief Restructuring Officer responsible for the financial and operational restructuring of the company, including overall responsibility for day-to-day operations.
Vencor (n.k.a Kindred Healthcare), a $3 billion operator of LTAC hospitals and skilled nursing facilities served as engagement manager in advising the Debtors with liquidity forecasting / cash management, business plan preparation, evaluation of restructuring alternatives, lease analysis, claims analysis and supported preparation of the POR / Disclosure Statement.
Alterra Healthcare Corporation, 300-facility assisted living provider served as financial advisor to the Official Committee of Unsecured Creditors.
National Benevolent Association, a not-for-profit operator of CCRCs financial advisor to the Official Committee of Resident / Creditors.
Heritage Healthcare of America, not-for-profit operator of 10 long-term care facilities retained by indenture trustee for $130 million of defaulted municipal bonds.
$400 million Long-term Care Provider retained by secured lenders in connection with the company’s bankruptcy and ultimate sale.
Assisted Living Facility retained by secured lender to provide expert testimony in connection with valuation and POR cram-down terms.
ResCare, a publicly-traded provider of mental health services retained as an expert witness in connection with a civil allegation of Medicaid fraud.
Physician & Related Engagements
Genesis Physicians Practice Association, a 900-physician IPA financial advisor to the Chapter 11 debtor.
Large Regional Oncology Physician Practice / Cancer Treatment Center prepared a comprehensive fraudulent transfer analysis in connection with the bankruptcy of its parent organization.
Heritage Southwest Medical Group, 1800-physician IPA retained by petitioning creditors to provide expert testimony in connection with an involuntary bankruptcy filing.
Outpatient Rehabilitation Provider (West Coast) retained by prospective buyer of this 60-clinic provider of outpatient therapy services in connection with a potential acquisition.
Dental / Orthodontic Engagements
Large Dental Practice Management Company (California) retained as financial advisor to the Special Committee of the Board of Directors.
Orthodontic Practice Management Company (Southeast) retained as financial advisor to the secured lenders.
Managed Care Engagements
National Workers Compensation TPA retained by private equity firm to provide financial and operational due diligence in connection with potential acquisition.
National Managed Care Services Company retained by private equity firm to provide financial and operational due diligence in connection with potential acquisition.
Beech Street Corporation retained by company as expert witness in connection with a civil litigation.
National Healthcare Benefits Management Company retained by company in connection with A/R exposure analysis and process improvement related to billing and collections.
Home Health / DME Engagements
Large DME Company financial advisor in connection with settlement of a Medicare overpayment prepared an ability to pay analysis.
$400 million Home Medical Equipment Provider retained by secured lender in connection workout of its $340 million credit facility.
$500 million home healthcare company represented company related to restructuring of its credit facility.
Specialty Healthcare Finance Company retained as financial advisor by private equity firm in connection with potential acquisition.
Other Industries
Mr. Robichaux has represented parties in interest in the manufacturing, financial services, real estate and telecommunications industries. Representative engagements include:
Oakwood Homes, Inc., a leading manufacturer and retailer of manufactured and modular homes.
The Official Committee of Unsecured Creditors for WorldCom, Inc.
Bell Sports, a manufacturer of bicycle helmets and specialty bicycle equipment.
Pacific USA Holding Company, a diversified group of technology, real estate and financial services businesses.
Ruff Hewn, a manufacturer / importer of fashion apparel.
(Note: above experience includes matters handled while at prior firms)
PRIOR EXPERIENCE
Prior to joining Bridge Associates, Mr. Robichaux was a Senior Managing Director in the Corporate Finance / Restructuring practice of FTI Health Solutions.
Mr. Robichaux was a Director in PricewaterhouseCoopers' Business Recovery Services practice prior to the acquisition of the practice by FTI Consulting in August 2002.
Prior to joining PricewaterhouseCoopers, Mr. Robichaux worked in the healthcare industry as a senior financial and operational analyst for Kaiser Permanente (a national staff-model HMO and integrated healthcare delivery system) as well as various management positions in the long-term care industry.
Professional & Civic Activities
Board Member, D/FW Chapter of the Turnaround Management Association
Member, CFA institute - D/FW Chapter
Member, Association of Insolvency and Restructuring Advisors
Member, American Bankruptcy Institute
Elected, City of Highland Village, Texas City Council
Publications & Presentations
Where have the healthcare restructurings gone?
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