Senior Care to grant $3.8 million in claims under lease settlement

By Caroline Salls

Pittsburgh, Oct. 8 – Senior Care Centers, LLC requested court approval of a settlement agreement under which landlord OLP Wyoming Springs, LLC will have a $1.4 million administrative claim and a $2.4 million general unsecured claim in connection with the rejection of a lease agreement, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Texas.

Senior Care debtor PM Management-Round Rock AL, LLC is the operator of the Wyoming Springs Assisted Living & Memory Care facility in Round Rock, Tex., under a lease agreement with OLP.

The court approved rejection of the lease on Feb. 28, 2019.

Senior Care said the proposed settlement creates a pathway for it to resolve some of its financial difficulties, preserves the jobs of a substantial portion of employees by keeping all of its operating facilities operational and allows for the continued care of its patients.

In addition to the claims being allowed under the settlement, the Senior Care debtors have agreed not to close the Wyoming Springs facility before Dec. 31 and to continue its operation until the facility is transitioned to a new operator.

Senior Care Centers is a Dallas-based skilled nursing and long-term care industry leader in Texas and Louisiana. The company filed bankruptcy on Dec. 4, 2018 under Chapter 11 case number 18-33967.

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