Rick Arrowsmith specializes in turnaround and restructuring advisory including interim management appointments, concentrated in sub-acute care, laboratory and healthcare real estate. Mr. Arrowsmith has 25 years of creditor workout experience.
Significant restructuring roles Mr. Arrowsmith has held in the past include acting as the restructuring advisor to LVI Intermediate Holdings, the largest U.S. based LASIK surgery provider and serving as Chief Restructuring Officer through the Chapter 11 process for Health Diagnostic Laboratory, Inc., a laboratory testing company located in Richmond, VA. In addition, Mr. Arrowsmith served as Liquidating Trustee of the HDL Estate.
Mr. Arrowsmith also advised the senior lenders in the wind-down and sale of Atherotech, a clinical laboratory based in Birmingham, AL. He also was appointed receiver for Satori Waters, a behavioral provider based in West Palm Beach, FL.
Additional advisory roles Mr. Arrowsmith has held include leading the team that successfully avoided a nine-figure appeal bond based on ability-to-pay for a large nursing home operator; the judgment was subsequently voided at the trial court level.
Some of Mr. Arrowsmith’s notable assignments include leading the restructuring efforts on behalf of GE Capital related to their $600 million loan portfolio to Sunwest Management and affiliates, a multi-state assisted living owner and operator that filed for Chapter 11 bankruptcy in 2009; leading the Chapter 11 process for the Highgate Management portfolio of nursing homes through an extended §363 sale and New York State licensure process; and leading the restructuring of the Devonshire CCRC in Palm Beach Gardens, a $160 million syndicated senior secured credit facility acquired from Merrill Lynch Capital.
Before joining FTI Consulting, Mr. Arrowsmith was a Managing Director at Alvarez & Marsal, in the Healthcare Industry Group. Before that, he served as Senior Vice President at Hudson Americas, an affiliate of Lone Star Funds, managing a nine-person asset recovery team as well as the portfolio of loan assets operating in bankruptcy. Mr. Arrowsmith spent 12 years with the leader in the healthcare lending space, GE Capital Healthcare Financial Services, which included client work in dental, managed care, senior living, skilled nursing and other sub-acute platforms as well as many commercial real estate and equipment leasing portfolios.
Prior to that, Mr. Arrowsmith was Vice President and Team Leader in the Portfolio Management and Special Asset groups of First Union National Bank.