Genesis Healthcare is preparing for a new auction of its 175 long-term nursing homes in January, after a judge refused to approve an insider bid that would have left the same ownership group in charge after the company’s bankruptcy. Daniel Simon, the company’s bankruptcy attorney, said at a Wednesday court hearing in Dallas that the company is working with creditor representatives and hoping to conduct a new and more open auction in mid-January. While Genesis was “humbled” by the rejection of its initial sale proposal, the new auction must proceed quickly if the company’s nursing homes are going to survive under new ownership, Simon said in court.
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Source: https://finance.yahoo.com/news/bankrupt-genesis-restarts-nursing-home-231351297.html