Genesis Healthcare is seeking approval for a bankruptcy loan of up to $80 million to fund the case while it works to close a pending sale and confirm a Chapter 11 plan.
The nursing home operator cited “significant hurdles ahead,” including regulatory approvals that could delay the sale of its assets, in a Thursday motion in the US Bankruptcy Court for the Northern District of Texas.
The financing would be provided by JMB Capital Partners, according to the filing.
Administrative expenses and professional fees continue to mount as the sale timeline stretches, though the company expects to close by June ...