Bankrupt Nursing Home Chain Gulf Coast Says It Has New Deal With Creditors

By Becky Yerak

Bankrupt nursing home chain Gulf Coast Health Care LLC, which had its liquidation plan rejected by a judge for not meeting its burden to sign away creditors' claims against third parties, said it has settled with the objecting tort plaintiffs.

On Friday, the business filed paperwork in the U.S. Bankruptcy Court in Wilmington, Del., showing increased recoveries for unsecured creditors. Terms include an agreement with insurer Zurich American Insurance Co., which will provide $2.1 million in proceeds to Gulf Coast under a directors and officers policy.

Gulf Coast insiders and affiliates that aren't part of the bankruptcy will raise their cash contributions to $16.2 million from roughly $13.2 million. Landlord Omega Healthcare Investors Inc. will increase its cash payment to a creditor class to roughly $1.8 million from $1 million.

Write to Becky Yerak at becky.yerak@wsj.com

(END) Dow Jones Newswires

June 13, 2022 17:13 ET (21:13 GMT)

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