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Following a steep increase in Chapter 11 bankruptcy petitions immediately after the pandemic, defaults had slowed for a couple of years. The long-term care sector, however, is seeing a “second wave of distress,” Reorg Senior Reporter Hoa P. Nguyen told the McKnight’s Business Daily.
I noticed this week that there were two recent senior living-related chapter 11 bankruptcy filings. One in New York and the other in Delaware. This could be one looming example of types of nation-wide fall outs from industry-wide COVID changes.
Distress levels in healthcare, as measured by the number of bankruptcy filings, had another record-breaking quarter, led by the senior living and care sector, according to the latest Polsinelli-TrBK Distress Indices Report.
The joint venture company of TPG Real Estate and Sabra Health Care REIT (Nasdaq: SBRA), which involves more than 150 senior living communities operated by Enlivant, is in the process of...
More impairments, defaults could be on the sector’s horizon. Pandemic-induced obstacles are still squeezing senior living facilities and with a rash of debt coming due, investors are likely to feel continued pain in the sector over the next several years.
Distressed communities and their investors have a number of options, including an asset sale, refinancing, entering into a forbearance agreement or filing bankruptcy. This consideration can materially impact the relative advantages and disadvantages of an in-court versus an out-of-court transaction.
Covenant Living plans to pay $33 million for Hillside Village, court filings show. Last week, a nonprofit that owns municipal-bond financed senior living communities in Georgia and Alabama also filed for bankruptcy, threatening to impose losses on bondholders.
Senior care facility bankruptcies rise. Financial hardship has led dozens of operators of senior facilities to file for bankruptcy over the past three years, with 13 companies filing...
A holding company behind an assisted living provider with about 50 small communities in Texas and Alabama has filed for Chapter 11 bankruptcy.
More than 100 senior citizens and Unisen Senior Living were given eviction notices after the non-profit declared bankruptcy, owing more than $100 million.