Gulf Coast Health Care LLC
FILING ALERT: Skilled Nursing, Assisted Living and Long-Term Care Center Company Gulf Coast Health Care Files Chapter 11 in Delaware
Thu 10/14/2021 08:21 AM
Relevant Document:
Voluntary Petition
Gulf Coast Health Care, a Pensacola, Fla.-based company with 27 skilled nursing centers and two assisted living locations throughout Florida, Georgia and Mississippi, filed for chapter 11 protection today in the Bankruptcy Court for the District of Delaware. The company reports $10 million to $50 million in assets and $100 million to $500 million in liabilities. The debtors are represented by McDermott Will & Emery in Wilmington, Del. M. Benjamin Jones of Ankura Consulting Group is the CRO and Russell Perry of Ankura Consulting Group is the assistant CRO. Epiq is the claims agent. The jointly administered case number is 21-11336.
Resolutions attached to the petition authorize entry into an RSA “by and among the Companies, certain direct and indirect equity holders of the Companies, certain service providers to the Companies, OHI Asset Funding (DE), LLC (‘Omega’) and certain affiliates thereof, and New Ark Capital, LLC.” The resolutions also reference a DIP term sheet for a “term loan credit facility of up to $25 million in the aggregate to be provided by Omega or affiliates thereof (as amended, amended and restated,supplemented, or otherwise modified from time to time, the ‘DIP Facility’ and the financing to be provided thereunder, the ‘DIP Financing’) and the use of the cash collateral, as that term is defined in Bankruptcy Code section 363(a) (the ‘Cash Collateral’ and the funding to be provided through the use of Cash Collateral, the ‘New Ark Funding’), which is security for certain prepetition secured lenders under that certain Credit Agreement, by and between Wells Fargo Bank, N.A. (‘Wells Fargo’) and GCHC and certain of its affiliates and subsidiaries, dated as of July 6, 2018, which subsequently was assigned by Wells Fargo to New Ark Capital, LLC (‘New Ark’).”
The largest unsecured creditors are as follows:
A list of affiliated debtors follows:
Reorg First Day will provide a full summary once the first day briefing is complete.
Voluntary Petition
Gulf Coast Health Care, a Pensacola, Fla.-based company with 27 skilled nursing centers and two assisted living locations throughout Florida, Georgia and Mississippi, filed for chapter 11 protection today in the Bankruptcy Court for the District of Delaware. The company reports $10 million to $50 million in assets and $100 million to $500 million in liabilities. The debtors are represented by McDermott Will & Emery in Wilmington, Del. M. Benjamin Jones of Ankura Consulting Group is the CRO and Russell Perry of Ankura Consulting Group is the assistant CRO. Epiq is the claims agent. The jointly administered case number is 21-11336.
Resolutions attached to the petition authorize entry into an RSA “by and among the Companies, certain direct and indirect equity holders of the Companies, certain service providers to the Companies, OHI Asset Funding (DE), LLC (‘Omega’) and certain affiliates thereof, and New Ark Capital, LLC.” The resolutions also reference a DIP term sheet for a “term loan credit facility of up to $25 million in the aggregate to be provided by Omega or affiliates thereof (as amended, amended and restated,supplemented, or otherwise modified from time to time, the ‘DIP Facility’ and the financing to be provided thereunder, the ‘DIP Financing’) and the use of the cash collateral, as that term is defined in Bankruptcy Code section 363(a) (the ‘Cash Collateral’ and the funding to be provided through the use of Cash Collateral, the ‘New Ark Funding’), which is security for certain prepetition secured lenders under that certain Credit Agreement, by and between Wells Fargo Bank, N.A. (‘Wells Fargo’) and GCHC and certain of its affiliates and subsidiaries, dated as of July 6, 2018, which subsequently was assigned by Wells Fargo to New Ark Capital, LLC (‘New Ark’).”
The largest unsecured creditors are as follows:
A list of affiliated debtors follows:
Reorg First Day will provide a full summary once the first day briefing is complete.
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