LaVie Care Centers says that it has filed for Chapter 11 in the US Bankruptcy Court for the Northern District of Georgia.
- Secured a commitment of $20 million debtor-in-possession financing from key stakeholders, including affiliates of its largest landlord and secured lender Omega Healthcare Investors
- LaVie Care Centers and the current facilities in its portfolio will continue operations as normal
- Company has retained Stout Capital as investment banker to explore alternatives to maximize value to the company’s creditors
- Estimated liabilities at $1b-$10b; estimated assets at $500m-$1b, according to court filing
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