Senior Care Centers, which went through Chapter 11 bankruptcy proceedings over the course of 2018 and 2019, has re-emerged as Abri Health Care under the control of a new ownership group, the company announced late Tuesday.
An investment group led by current management has acquired the equity in the Dallas-based Abri, according to a statement.
“We are pleased to have acquired a company whose employees and leadership have vast and deep experience operating skilled care centers and ensuring our residents receive the absolute best care and support, without question,” chief operating officer Mike Templeton said in a statement. “Skilled nursing services, short-term rehabilitation, long-term care, and assisted living services for our senior population are needed now more than ever. We take seriously our commitment to our residents and their loved ones.”
Abri now operates 22 facilities across Texas, a portfolio that does not include facilities that were subject to a lawsuit — filed last May by real estate investment trust (REIT) landlord LTC Properties (NYSE: LTC) — over a proposed ownership transfer.
“As part of the launch, the company has determined it will no longer seek to operate 10 facilities owned by LTC Properties, which have previously been the subject of a dispute,” Abri disclosed in the statement.
Senior Care Centers emerged from bankruptcy last March after initially filing for Chapter 11 protection in December 2018, citing “burdensome debt levels and expensive leases.” A federal judge approved the company’s reorganization plan a year later.
Under the new leadership group and name, the company plans to expand through a combination of real estate buys and operational leases, according to Abri chief financial officer Anthony Arnaudy.
“We are confident the future of our business will be as both an owner and operator,” Arnaudy said in a statement. “This approach will ensure ever-improving care for our residents while providing greater opportunity and flexibility for our investors.”