Senior residents of Buckingham Senior Living Community Inc. have asked a bankruptcy court to put them first in line for payment ahead of bondholders.
Under Texas’ health and safety code, Houston-based Buckingham residents hold automatic liens that are senior to $168.8 million in secured bond claims by UMB Bank NA, an unsecured creditors committee and a group of residents told the US Bankruptcy Court for the Northern District of Texas on Tuesday.
The committee and resident group have asked the court to decide whether they’re allowed to pursue their claims.
The nonprofit owner of the 495-unit senior-living facility filed for ...