Bankruptcy

The state government says community hospitals will be awarded a combined total of close to $300 million of assistance. 

Nashville Senior Care, LLC's Chapter 11 filing impacts bonds sold through conduit issuers in Florida, Ohio and Tennessee.

While acknowledging disputed allegations of mismanagement and infractions on the part of venue owner Legacy Cares, the judge denied a motion by the U.S. trustee in the Chapter 11 bankruptcy to appoint an independent trustee or dismiss the case.

Mercy Hospital plans to sell facilities and other assets to the University of Iowa, which approved $20 million for the acquisition.

American Advanced Management signed a letter of intent for a lease-to-buy agreement for Hazel Hawkins Memorial Hospital in Hollister.

Bondholders, other creditors, and the venue's owner argued the U.S. trustee's move would be detrimental for a plan to sell the facility to maximize recoveries.

Amid bankruptcy proceedings, the project's owner and bondholders agreed to a plan to re-issue most of the defaulted debt.

The FOMB needs to return to its "deal mindset" so that we can end the bankruptcy at PREPA. While gaps remain between the FOMB's and bondholders' affordability analyses, they are not insurmountable.

A federal bankruptcy judge will hold a hearing later this month on appointing an independent trustee for Legacy Cares or dismissing the case.

The board is offering $2.4 billion to all bondholders while $8.5 billion of par value is outstanding.

The plan of adjustment hearing scheduled for late July will be postponed.

Board asks judge to exclude bondholders' expert testimony and reports from plan of adjustment hearing.

"Stakeholders believe the best solution is to utilize the bankruptcy process to run a marketing and sale process," Friendship Village of Schaumburg said in a statement.

Dismissal would ease approval of a the current proposed plan of adjustment.

The city north of Detroit says it can't afford to make good on a $24 million debt owed to the Great Lakes Water Authority and in the absence of state help has raised state-approved bankruptcy as an option.

The Chapter 11 filing follows defaults by nonprofit Legacy Cares on $284 million of mostly tax-exempt bonds sold through the Arizona Industrial Development Authority.

Analysts say the PROMESA bankruptcy law is more creditor friendly than how the judge in the PREPA case interprets it.

The ruling may open the way for approval of a payout to bondholders as small as 0.21%.

Revenue bonds sold in 2018 for the project would be paid over seven years at lower rates under the Chapter 11 exit plan for the Bridgemoor at Plano debt.

Complaints include assertions the plan is unconfirmable and that it fails to offer necessary information.