Marietta, Ga.-based LT Smile Corp., along with its subsidiaries Benevis Holding Corp., Benevis Corp., Benevis, Benevis Affiliates and Benevis Informatics voluntarily filed for relief in the Southern District of Texas under Chapter 11 of the U.S Bankruptcy Code.
The prospective reorganization and sale process aims to provide access to incremental investment and growth capital, according to an Aug. 3 press release. Benevis employees will continue normal operations throughout the process. None of the company's supported dental practices are part of the filing.
Benevis told the court that after practices temporarily shut down in 16 states where its clients operate, its revenue dropped 68 percent during March, April and May of this year compared to the same months in 2019, according to Law360.
Benevis currently supports over 150 practices in 23 states, according to its website.