Bankrupt Nursing Home Chain Gulf Coast Says It Has New Deal With Creditors
14 June 2022 - 7:28AM
Dow Jones News
By Becky Yerak
Bankrupt nursing home chain Gulf Coast Health Care LLC, which
had its liquidation plan rejected by a judge for not meeting its
burden to sign away creditors' claims against third parties, said
it has settled with the objecting tort plaintiffs.
On Friday, the business filed paperwork in the U.S. Bankruptcy
Court in Wilmington, Del., showing increased recoveries for
unsecured creditors. Terms include an agreement with insurer Zurich
American Insurance Co., which will provide $2.1 million in proceeds
to Gulf Coast under a directors and officers policy.
Gulf Coast insiders and affiliates that aren't part of the
bankruptcy will raise their cash contributions to $16.2 million
from roughly $13.2 million. Landlord Omega Healthcare Investors
Inc. will increase its cash payment to a creditor class to roughly
$1.8 million from $1 million.
Write to Becky Yerak at becky.yerak@wsj.com
(END) Dow Jones Newswires
June 13, 2022 17:13 ET (21:13 GMT)
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