3 days ago
- Business
- Wall Street Journal
Genesis Creditors Accuse Nursing Home Owner of ‘Rinse and Repeat' Bankruptcies
Personal-injury claimants alleged that bankrupt nursing home chain Genesis Healthcare is trying to cleanse itself of tort liabilities in chapter 11 before its private-equity investor who controls Genesis buys the company's assets back on the cheap.
In recent court filings, lawyers for tort claimants alleged that healthcare and real-estate investor Joel Landau who controls Genesis and other company insiders are attempting to use a $30 million proposed loan to control the chapter 11 process and buy its 175 skilled nursing facilities out of bankruptcy free and clear of past liabilities.
