Bankrupt former nursing home operator Gulf Coast Health Care LLC won approval for a modified Chapter 11 liquidation plan that provides at least $10 million for unsecured creditors, which includes former residents alleging personal injury and wrongful death actions.
Judge Karen B. Owens of the U.S. Bankruptcy Court for the District of Delaware said at the Monday hearing she would approve the plan. The new plan came after the debtors reached a deal to win full consensus from its creditors and entities contributing money to the debtor’s estate.
“It’s going to provide a very good result for unsecured creditors,” ...
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