Executives of and attorneys for AAC Holdings are asking a Delaware bankruptcy judge to let them out of a dozen leases for space where they previously ran various outpatient addiction treatment programs.
In a recent filing under its Chapter 11 case, Brentwood-based AAC says it is no longer using various spaces in Nevada, Florida, California and Louisiana. The company consolidated the operations located at those places into other locations last year as part of cuts that generated more than $30 million in annualized savings.
AAC executives declined to specify how many square feet the leases in question cover or how much their terminations might save the company.
As part of their Chapter 11 filing late last month, CEO Andrew McWilliams and his team said they had secured more than $60 million in new funding commitments and are seeking to significantly trim their debts of more than $515 million in the coming months.