Eagle Senior Living’s Bankruptcy Plan Approved With New Funding

American Eagle Delaware Holding won court approval of its bankruptcy reorganization plan that cuts $40 million of secured debt and ensures continued operation of its senior living facilities.

The plan, approved Wednesday by Judge J Kate Stickles of the U.S. Bankruptcy Court for the District of Delaware, also injects more than $28 million in new financing to the company’s bankrupt affiliates.

The debtor plans to cut its secured debt by issuing new replacement bonds.

The company, which runs senior living facilities with about 1,000 residents in seven states under the Eagle Senior Living brand, filed a “pre-packaged” Chapter 11 ...