Tlc For Beverly And Its PatientsStephanie Anderson Forest
Not long ago, Beverly Enterprises Inc. seemed ready to check into that big sanatorium in the sky. After years of regulatory rebukes, patient lawsuits, and heavy losses, the nursing-home chain was reeling. A decade of acquisition-fueled growth under former chief Robert Van Tuyle had left the company overly leveraged. In late 1987, a cash crunch at Beverly prompted the company to default on $800 million worth of debt.
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