( MENAFN - PR Newswire) LaVie Files Voluntary Chapter 11 Petitions with Support of Key Stakeholders Company to Ensure Resident Care and Safety Without Interruption ATLANTA, June 2, 2024 /PRNewswire/ -- LaVie Care Centers, LLC (the "Company"), an operator of 43 licensed skilled nursing facilities in five states, today announced that it has taken steps to implement a financial restructuring designed to improve its capital structure and position the Company for long-term success. This process not only ensures that the Company can continue operating its existing portfolio in a seamless manner, but it also addresses its legacy liabilities associated with previously-divested operations. To facilitate this process efficiently and with minimal disruption to ongoing operations, the Company has filed voluntary petitions for relief under Chapter 11 of the U.
S. Bankruptcy Code in the U.S.
Bankruptcy Court for the Northern District of Georgia (the "Court"). LaVie Care Centers and the current facilities in its portfolio will continue operations as normal, ensuring that all necessary care and treatment will be provided to its residents. The Company also announced that it has secured a commitment of $20 million in debtor-in-possession ("DIP") financing from key stakeholders, including affiliates of Omega Healthcare Investors, the Company's largest landlord and secured lender.
Following Court approval, this new DIP financing, combined with cash on hand and cash flow generated from ongoing ope.
