Gulf Coast Health Care dissolves amid bankruptcy

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Six months after Gulf Coast Health Care filed for bankruptcy, the skilled nursing operator with 28 facilities in Florida, Georgia and Mississippi announced that the company has since been dissolved.

“Gulf Coast Health Care was a long term industry leading provider serving the Southeastern United States. Having operated numerous skilled nursing and assisted living centers with a team of over 6,000 associates, Gulf Coast Health Care was dissolved on April 1, 2022,” LinkedIn position Lily. “We are extremely grateful to the incredible medical professionals on our team and wish them much success in their future endeavours.”

Gulf Coast previously leased 24 facilities to certain affiliates and indirect subsidiaries of Omega Healthcare Investors, Inc. and four facilities to certain affiliates and indirect subsidiaries of Eagle Arc Partners LLC – formerly Blue Mountain Holdings, according to court documents.

Several operators have distributed centers, depending on the position.

Late last month, Gulf Coast asked a bankruptcy judge to approve its Chapter 11 plan, saying it would be the best possible outcome.

Law360 reported the news for the first time.

One of the contentious issues surrounding Gulf Coast’s proposed Chapter 11 plan involves disputing parties against the operator.

Gulf Coast first filed for bankruptcy in October, citing “significant fiscal challenges” stemming from the COVID-19 pandemic.

Mr. Benjamin Jones, Director of Restructuring at Gulf Coast Health Care and Senior Managing Director of Ankura Consulting Group LLC, said Gulf Coast has seen declining resident occupancy levels, “crippling” staff retention issues and an increase in Covid-related spending.

While federal financial aid had brought some relief, the Gulf Coast had received “very limited” state aid.

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