Genesis Healthcare Wins $105 Million Bankruptcy Loan Approval (1)

Nursing home operator Genesis Healthcare won approval for a bankruptcy loan worth up to $105 million from its existing lenders.

Genesis was approved to draw up to $80 million from the loan by Judge Stacey Jernigan at a hearing Wednesday in the US Bankruptcy Court for the Northern District of Texas.

The approval heads off what Genesis said would be a potential liquidity crisis in March due to its bankruptcy running longer than expected.

“March 1st is four days away. We have heard that a $30 million-ish payroll comes due in the middle of the week,” Jernigan said. “Obviously rent ...