Bankruptcy

Christian Care Centers' bankruptcy liquidation plan leaves bondholders impaired after an asset sale raised only $44.25 million.

Texas trails only Florida for first-time payment defaults on bonds issued for senior health and living facilities for seniors since 2009, according to MMA data.

Leading Life Senior Living in 2020 defaulted on $30.275 million of bonds it sold in 2017 through the Oklahoma Development Finance Authority to purchase two memory care facilities.

The city has estimated liabilities of between $100 million and $500 million and assets of only between $10 million and $50 million, according to the filing.

The San Benito Health Care District board declared a fiscal emergency, a first step to declaring Chapter 9 municipal bankruptcy under California law.

They say the HTA employees group have failed to show any of the four conditions needed for a court to order a stay.

South Carolina-based Jasper Pellets borrowed $12.5 million in private activity bonds in 2018. A deal to settle the firm's Chapter 11 bankruptcy pays the debt.

The plan reduces HTA's $6.4 billion of total claims by more than 80% and saves Puerto Rico more than $3 billion in debt service payments, the Oversight Board said.

Swain said the bondholders lien on revenues and the recourse nature of the bonds needs to be determined. The judge would likely order a plan confirmation hearing take place by June 2023. 

Hazelwood's mayor posted a letter on the city website warning of potential bankruptcy if the city can't renegotiate its deal with a fire protection district.