addiction recovery ebulletin aac borrows millions
Jan. 20, 2020 – That news came the same day AAC announced founder Michael Cartwright was stepping down as CEO, to be replaced by McWilliams, who at the time was the company’s chief financial officer. Cartwright remains chairman of the company’s board.
The October agreement related to a $30 million high-interest loan, taken out in March, on which the company defaulted. The forbearance agreement was to run through March 31, 2020, and provided AAC with an additional $5 million from its lenders.
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