Foley Wins Non-Profit Turnaround of the Year Award for Heywood Healthcare Restructuring

Foley & Lardner LLP is proud to announce that the firm has won the 2025 Non-Profit Turnaround of the Year Award from the Turnaround Management Association (TMA) for its restructuring work on behalf of Heywood Healthcare Inc., the Massachusetts-based health care nonprofit.

The Foley team, led by Ed Green and Jake Gordon alongside Alan Einhorn, Alissa Nann, Tamar Dolcourt, Joseph Harper, Nora McGuffey, and Mary Rofael, was selected for guiding Heywood’s Chapter 11 restructuring to an award-winning outcome.

Heywood, the largest employer in north central Massachusetts and operator of two hospitals, a major medical group, and a network of outpatient locations, faced persistent financial strain resulting from low commercial reimbursement, workforce shortages, and capital burdens and filed for Chapter 11 protection on October 1, 2023.

Foley collaborated with Heywood leadership for 18 months prior to the filing, developing short- and long-term strategic turnaround plans. Working with investment banker and financial advisor Houlihan Lokey, Foley led a multi-stakeholder negotiation process and formal restructuring, which resulted in significant recoveries for junior stakeholders and the preservation of Heywood’s clinical footprint. A pivotal achievement was Foley’s coordination with the Commonwealth of Massachusetts, resulting in critical state funding support, including emergency stabilization grants, a structured recoupment plan for prior COVID-19 aid, and enhanced future financial support.

Heywood’s successful reorganization was confirmed on September 30, 2024. The health care nonprofit’s reorganization was the only standalone Chapter 11 restructuring successfully completed by any U.S. health system in 2024. Of the more than 40 hospitals that filed for bankruptcy in the last two years, nearly all ended in closure or sale. Today, Heywood continues as an independent, reorganized nonprofit, servicing plan obligations and delivering high-quality care to patients across north central Massachusetts.

Ed Green and Jake Gordon will accept the TMA Award at the 2025 TMA Annual Conference in New Orleans on October 16, 2025.

The TMA, a global organization dedicated to corporate renewal, selects winners of the Turnaround and Transaction of the Year Awards through a rigorous, independent process that evaluates innovation, results, stakeholder coordination, and impact.