Skilled Nursing News July 9, 2024
Troubled nursing home chain Petersen Health Care is close to completing the sale of a substantial portion of its facilities, pending court approval.
All but five facilities of the Illinois-based nursing home chain, which filed for bankruptcy in late March, may be sold through Petersen Acquisitions LLC, a Delaware-based limited liability company, and were put up for auction on July 2 in a deal estimated to be over $116 million.
The sale will be facilitated through a “stalking-horse” bid arrangement, which sets a floor for bidding on a company’s assets, according to court documents shared in a report by the Peoria Journal Star.
The transaction, currently pending approval in federal bankruptcy court in Delaware, includes the sale of 28...
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