Dickinson Wright attorney Carolyn Johnsen will be honored in Texas

Carolyn Johnsen, a Dickinson Wright attorney, will be honored at the 2017 Turnaround and Transaction of the Year Awards ceremony in Texas, Oct. 23. (Submitted photo)

Dickinson Wright Attorney Carolyn Johnsen will be honored at the 2017 Turnaround and Transaction of the Year Awards on Oct, 23, in Fort Worth, Texas.

Since 1993, the Turnaround Management Association has honored winners at the annual awards celebration that recognizes excellence for the most successful turnarounds and impactful transactions, according to a press release.

Ms. Johnsen is part of the team to being recognized for their involvement in “Turnaround of the Year: Mid-Size Company – Gilbert Hospital, LLC and Florence Hospital at Anthem, LLC,” the release said.

Although the Gilbert and Florence hospitals were founded by the same physician, but operated separately under different management and vendors, they had a common secured lender, noted the release, adding that both hospitals suffered from lacking in capital, competition, leadership and poor collections.

While both hospitals filed separate Chapter 11 bankruptcies a year apart, the release said, Gilbert Hospital and the secured creditor proposed a plan of reorganization joining the two hospitals; the secured creditor would receive additional collateral and be paid in full while unsecured creditors received a cents-on-the-dollar recovery.

Ms. Johnsen, who represented the unsecured creditors’ committee in the Florence case, countered with a committee plan and negotiated among all the factions including the lender, the hospitals’ landlords, the US Trustee and the court-appointed patient ombudsman, resulting in full payment to all creditors.

This case was a successful and creative solution to merge a rural and a suburban hospital, combining their strengths and reducing their respective weaknesses, the release noted.

Ms. Johnsen serves as the trustee for the payments to creditors and will achieve the 100 percent mark. A member in the firm’s Phoenix office, her experience includes creating complex plans of reorganization for multi-million dollar companies in many industries, the release said.

She has advised private and public corporations in managerial, personnel and operational structures. Also, she guided numerous boards and senior managers in developing strategies and solutions for revising operations and restructuring debt for a stronger business through bankruptcy, acquisition and sale opportunities.

Dickinson Wright PLLC is a general practice business law firm with more than 450 attorneys among more than 40 practice areas and 16 industry groups. Headquartered in Detroit, the firm has 18 offices throughout the country, plus a Canadian office.

 

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