The books are officially closing on the sales of a number of nursing homes caught up in the bankruptcy proceedings of Peoria-based Petersen Healthcare.
The company this week notified the U.S Bankruptcy Court in Delaware that it is wrapping up several transactions that will see properties transition to new ownership.
That includes the $3.1 million sale of Courtyard Estates of Farmington, the $13.25 million sale of Courtyard Estates of Canton and Courtyard Estates of Sullivan, and a 55-facility portfolio that was purchased by Cascade Capital Partners for $99.5 million.
Petersen Healthcare was one of the country's largest nursing home operators before filing for bankruptcy this year after coming up short on debt repayments to lenders. The bankruptcy court approved the sales of many of its properties in July.
Company owner Mark Petersen also runs a chain of hotels, and the Louisville Slugger complex in north Peoria. Petersen didn't pay himself a salary as CEO of Petersen Healthcare, but he is asking the court to approve the company's payment of more than $134,000 of rent to himself, as its landlord.
He's also asking the court to remove his War, LLC and Knoxville & Pennsylvania, LLC from the bankruptcy case. He argues neither of those companies are wrapped up in his health care business.
Both of the requests face objections from Petersen Healthcare's lenders.
A Dec. 13 bankruptcy court hearing was canceled.
