Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Eagle Senior Living Files for Chapter 11 Bankruptcy in Delaware

Jan. 14, 2022, 6:19 PM

American Eagle Delaware Holding Company LLC, a Michigan nursing home chain, filed for Chapter 11 bankruptcy in Delaware on Friday.

  • Ann Arbor-based chain listed both assets and liabilities in the range of $10 million to $50 million
  • Company operates as Eagle Senior Living
  • It has locations in six states including Florida and Ohio, according to its website
  • Holding company has $215 million in outstanding municipal debt
    • Bonds were issued by Capital Trust Agency in Florida in 2018
  • Portfolio had weaker occupancy than projected and “significant overruns” in salaries, insurance, food and administrative expenses,” according to 2019 rating report by S&P ...