Nursing Home Biz Says It Needs Ch. 11 Loan To Survive
Law360 (April 15, 2021, 9:47 PM EDT) -- Bankrupt affiliates of nursing home chain Consulate Health Care asked a Delaware bankruptcy judge on Tuesday to approve $5 million in Chapter 11 financing and a $3 million asset bid that unsecured creditors had decried as unnecessary and too small, respectively.
Over the course of a nearly seven-hour virtual hearing before U.S. Bankruptcy Court Judge John T. Dorsey, representatives of CMC II LLC argued that the debtor-in-possession financing and a quick sale were needed if the company is going to weather Chapter 11, while the unsecured creditors committee countered that it could survive by collecting on the bills owed by other...
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