McKnight’s reported that a bankruptcy court has approved a reorganization plan for Dallas-based skilled nursing and senior living provider Senior Care Centers LLC which owns more than 100 SNFs and senior living communities in Texas and Louisiana. The U.S. Bankruptcy Court for the Northern District of Texas is allowing the company to be restructured into a new company owned by unsecured creditors, the Wall Street Journal reported. The company stated the restructuring allows it to continue caring for patients and residents without interruption.
Senior Care Centers executives announced the bankruptcy filing last December after numerous fiscal challenges. The company described the move as the best way to “address the company’s debt and costly leases” and improve financial resources.