Gulf Coast Defuses Ch. 11 Loan, Site Management Disputes
By Jeff Montgomery (November 24, 2021, 7:27 PM EST) -- Bankrupt Gulf Coast Health Care reached agreements Wednesday on amendments to a proposed $25 million case financing loan and management change agreement for 24 of the nursing home chain's sites in Florida and Mississippi, after two days of wrangling over insider benefits and creditor claim restrictions.
U.S. Bankruptcy Judge Karen B. Owens approved the debtor-in-possession loan and management and operations transfer agreement (MOTA) changes based descriptions of the deals disclosed during a video conference hearing. The judge said she would sign the documents when they are presented in final form, with the MOTA expected to be filed later Wednesday.
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