Key Rehab has offices in KS, NE, IA, TN, OK, MI
The Key Rehabilitation Company is trying to apply for bankruptcy. Based on their reports, which were filed in mid-October, they have claimed that they are in debt of amounts potentially as high as 10 million dollars.
Key Rehabilitation was started in 1999, with the hopes of trying to provide quality health care in more rural parts of the country. The company which is based out of Murfeesboro Tennessee, has several locations in other states. These include, Oklahoma, Missouri, Iowa, Kansas and Nebraska. This is of course in addition to their headquarters in Tennessee.
With over 700 therapists and other health professionals, Key Rehabilitation is one of the largest chains in many of these states that offers such a comprehensive health network.
By the rehabilitation center filing for bankruptcy protection, referred to as Chapter 11 in legal terms, it allows them to refinance their loans and liabilities, without having to close. This is in spite of it being at the expense of its creditors.
The Key Rehabilitation Company, has many insurance companies who are owed amounts in the tens of thousands of dollars. One health care firm in Florida, MedPro Health Care Staffing, tops their claim list with nearly $80,000 in dues owed.
It seems the men running the chain of rehabilitation centers weren’t being as upfront about the financial situation as one would have expected. Once the company realized that the current financial picture could only worsen, they immediately filed for bankruptcy protection.
ATTORNEY LOOKS UPON SITUATION WITH OPTIMISM
The lead attorney in the case is Bill Norton, who is affiliated with the Bradley Arant Boult Cummings Group. He feels quite confident that the situation will get fixed in the upcoming months. He has stated that a financial plans will be arranged well before the deadline of four months.
This positive attitude has strong basis upon which to stand. The Key Rehabilitation Company does have between $1 million and $10 million in assets at their disposal.
One of the men who co-owned the company, and also served as its chief financial officer, has since exited the company. In spite of the departure, he still has partial rights to the company.
During the interim of these developments with Key Rehabilitation’s future, the company will continue to offer its full range of services.