Skilled Nursing News May 17, 2024
The sale of Petersen Health Care’s properties will now proceed after a deal was reached with one of its lenders to allow a court-appointed receiver to maintain operations of the nursing home giant’s eight Illinois facilities.
Among the largest nursing home operators in the nation, Petersen filed for bankruptcy in March.
The sale of these properties was delayed due to last month’s dispute with the lender – X-Caliber Funding LLC – over whether Petersen could even file for bankruptcy on behalf of the eight Illinois properties currently being managed by the court-appointed receiver, Michael Flanagan, an attorney specializing in long-term care.
Following the agreement, Petersen and X-Caliber will now go forth with a plan set in place in January in...
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