Genesis Healthcare said Wednesday it’s tentatively agreed with creditors on a new sale timeline for its sprawling nursing-home business after a bankruptcy judge last week stopped a proposal to sell it to insiders.
The new sale proposal, which would culminate with a mid-January bid deadline and possible second auction, will add oversight from unsecured creditors, a retired Texas bankruptcy judge, and the Justice Department’s bankruptcy monitor unit, Genesis attorney Dan Simon of McDermott Will & Schulte LLP said at a status hearing Wednesday in the US Bankruptcy Court for the Northern District of Texas.
Significant disagreement and questions still remain ...