UPDATED: Judge approves sale of Genesis HealthCare assets to bidder 101 West
McKnight's Long-Term Care News • • business
Key Points:
- A federal bankruptcy judge approved the $996 million sale of Genesis HealthCare and its nearly 300 subsidiaries to investment group 101 West State Street after a lengthy auction and hearing process.
- Concerns were raised about 101 West’s ownership structure and potential financing from a nursing home owner facing fraud allegations, but the judge found the auction was conducted fairly and without collusion.
- Competing bidders questioned possible insider involvement and attempts to circumvent bankruptcy rules, but the judge rejected reopening the auction and declined to impose restrictions on 101 West’s connections.
- The sale approval is seen as a crucial step for Genesis to begin transitioning its regulated nursing homes, with creditors and estate fiduciaries expressing strong support for the deal.
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