Benevis opens Chapter 11 with New Mountain-backed sale path
Benevis Corp. filed Chapter 11 in the Southern District of Texas with estimated assets and liabilities each in the $100 million to $500 million range and 1,000 to 5,000 creditors; Scott Mell, the company’s CRO, signed the petition source filing. The debtor group supported more than 150 dental offices across 16 states and D.C., served more than 2 million patients annually, and generated about 70% of 2019 revenue from Medicaid and CHIP programs, making reimbursement exposure central to the restructuring story source filing.
The opening declaration traced the filing to a COVID-19 shock: March-May 2020 revenue was down about 68% from 2019, while roughly $200.5 million of principal, interest and fees was outstanding under a 2018 BMO Harris-led credit agreement. New Mountain had provided $5 million of rescue financing before filing, and its affiliate became the stalking-horse bidder after Lincoln contacted 68 potential buyers and 48 signed NDAs source filing. Benevis sought a $30 million DIP package, including $25 million of new-money availability and a $5 million roll-up, to fund operations while pursuing bids due September 10, a September 14 auction, and a targeted September 18 sale closing source filing.