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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.
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Petersen Health Care is asking a Delaware federal judge to approve some $1.3 million worth of lump-sum payments for certain employees as the Peoria-based nursing home company's bankruptcy case continues.
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A court-appointed receiver will now manage the Courtyard Estates assisted living facility in Farmington effective immediately.
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The investment firm is managed by the former leadership of Legacy Healthcare, which operates nursing homes in the Chicago area, as well as parts of Iowa and South Dakota.
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A Delaware limited liability corporation placed the winning $116.2 million bid for all but five of Petersen Health Care's nursing homes posted up for auction Tuesday.
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Peoria-based Petersen Health Care filed for Chapter 11 bankruptcy in March, and the plan is to auction off the company's assets to pay back lenders.
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U.S. Bankruptcy Court Judge Thomas Horan agreed with the company that the money is needed to keep Petersen's nursing homes operational and minimize disruptions to residents, vendors, and employees.
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Petersen Health Care's properties could be sold off by end of July under company's proposed timelinePetersen Health Care is asking a federal bankruptcy judge to approve a sale timeline that would see its nursing homes divested to new ownership by the end of July.
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Judge Thomas Horan of the U.S. Bankruptcy Court of Delaware said Tuesday there's a risk of the case "collapsing under its own weight" if legal wrangling between the Peoria-based nursing home company and X-Caliber Funding isn't resolved.
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Petersen is facing multiple lawsuits from its creditors for a combined $55 million in debt nonrepayment, and more than a dozen of its facilities were placed in receivership.