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Despite Ch. 11, Allegheny Child Care Academy may expand
Submitted by jknoch. Posted on Sunday, May 25 @ 19:12:51 EDT by jknoch
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In spite of its Chapter 11 bankruptcy filing in April, Allegheny Child Care Academy's new CEO, Harold Lewis, said the company will continue with plans to enter new markets.
The Allegheny Child Care business model created by Mr. Henry was to establish quality child care services in inner-city communities. At its height, the company earned about $35 million annually. Revenue comes almost exclusively from government subsidies; the majority of parents who have children enrolled in the center are welfare recipients who are re-entering the work force through welfare-to-work programs. Currently, Allegheny Child Care operates 38 centers -- most in Philadelphia -- with a total enrollment of 4,500.
According to U.S. Bankruptcy Court documents filed in Philadelphia, Allegheny Child Care Academy owes between $10 million and $50 million, and has between $1 million and $10 million in assets. Its largest unsecured creditor is Detroit Investment Fund -- a for-profit venture capital agency -- which lists an $871,000 claim.
Full Story at Pittsburgh Business Times
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Article Rating
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Average Score: 4.69
Votes: 13
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Re: Despite Ch. 11, Allegheny Child Care Academy may expand (Score: 1)
by Clark (gcs@naccrra.org) on Sunday, May 25 @ 19:13:36 EDT
(User Info | Send a Message) http://NACCRRA.org | | Interesting to note that Mr. Lewis blames the failure of the Detroit market on Michigan's reimbursement policies. Unlike Pennsylvania where subsidized providers get paid by the day for each child enrolled in the program -- regardless of how many hours the child actually spends in a center -- Michigan pays by the hour only. |
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Re: Despite Ch. 11, Allegheny Child Care Academy may expand (Score: 0)
by Anonymous on Monday, May 26 @ 22:07:39 EDT | | In addition to Mr. Lewis, Allegheny has secured some of the strongest talent in the industry for the key positons of VP of Ops and Education/Curriculum within the past year. This is a company to watch. |
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