Genesis Healthcare must go back to the bankruptcy drawing board if it wants to continue pursuing the sale of its assets to an insider, a federal judge has ruled. After two days of testimony, US Bankruptcy Judge Stacey Jernigan told attorneys for the skilled nursing chain that she would not approve the current post-auction sale agreement with CPE 88988 LLC, an affiliate of Joel Landau, who is already Genesis’ major equity holder.
Read the full article: In ‘Tremendous’ Shift for Creditors, Genesis Judge Calls for New Bankruptcy Auction //
Source: https://www.mcknights.com/news/genesis/