Gulf Coast Pressed On Lack Of Sale Push Before Ch. 11 Filing

By Jeff Montgomery (November 23, 2021, 8:14 PM EST) -- A Delaware bankruptcy judge on Tuesday quizzed the chief restructuring officer for bankrupt Gulf Coast Health Care on the absence of prepetition efforts to market the nursing home chain or secure an independent valuation of the hefty lease costs that helped drive it into Chapter 11.

During a hearing on Gulf Coast's proposed case financing loan, U.S. Bankruptcy Judge Karen B. Owens also asked Gulf Coast CRO M. Benjamin Jones why Houlihan Lokey Inc., which advised the company before its bankruptcy filing, "is not retained by the debtor as we sit here today" and who decided against it.

"What was the...

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