Senior Care Centers debtors seek approval to use cash collateral

By Sarah Lizee

Olympia, Wash., May 24 – Senior Care Centers, LLC is seeking court approval to use the cash collateral of lender Love Funding Corp., according to a motion filed Thursday with the U.S. Bankruptcy Court for the Northern District of Texas.

The lender extended financing in the form of notes in the original principal amounts of $9,352,400 and $9,958,300. The financing was for the development and operations of facilities operated by debtors PM Management-New Braunfels NC, LLC and PM Management-Park Valley NC, LLC.

The debtors will use the cash collateral to fund operations while in bankruptcy.

No hearing will be conducted unless an objection is filed by June 13.

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 number18-33967.

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