Addiction services provider AAC Holdings on Tuesday said it has recruited three executives to fill some of the board seats vacated last month by the group resignation of four directors.
The leaders of Brentwood-based AAC, which is out of compliance with several loan covenants and recently had its shares taken off the New York Stock Exchange, also said they have secured $5 million in additional funding and a loan default reprieve through the end of March.
Joining the AAC board are:
• Bob Nash, CEO of LOC Distribution in Brentwood and a former partner of AAC Chairman and CEO Michael Cartwright in Foundations Associates, which launched in 1995. Nash also has been involved in construction, entertainment, auto dealership and restaurant ventures.
• Scott Vogel, managing member at New York City investment and advisory firm Vogel Partners and a former managing director at Davidson Kempner Capital Management. He also is a director of publicly traded Avaya, Bonanza Creek Energy and Seadrill Ltd.
• T. Michael Logan, president of TML Corporate Strategies in Atlanta and a former managing director at SunTrust Robinson Humphrey and SunTrust Bank. Logan is a Vanderbilt University graduate who played football for the Commodores in 1976.
“We are pleased to reach a mutual agreement with our senior secured lenders that provides AAC with additional liquidity to right-size our balance sheet and reduce our cost of capital,” said Cartwright, who remained on the AAC board along with Vaco Holdings CEO Jerry Bostelman and Burch Investment Group CEO Lucius Burch following last month’s exit of four of their peers. “I am also pleased with the extensive expertise the three new independent board members bring to the company.”
AAC shares (Ticker: AACH) were changing hands at 64 cents Tuesday afternoon, up more than 40 percent from Monday’s close. They began trading over the counter last week at 41.5 cents.
This story first ran in our sister publication the Nashville Post.