Six months after Gulf Coast Health Care filed for bankruptcy, the skilled nursing operator with 28 facilities in Florida, Georgia and Mississippi announced the company has since dissolved.
“Gulf Coast Health Care was a leading provider in the long term industry serving in the Southeastern United States. Having operated numerous skilled nursing and assisted living centers with a team of over 6,000 associates, Gulf Coast Health Care was dissolved as of April 1, 2022,” the company’s LinkedIn post read. “We are extremely grateful for the amazing healthcare professionals on our team and wish them much success in their future endeavors.”
Gulf Coast previously leased 24 facilities from certain indirect affiliates and subsidiaries of Omega Healthcare Investors, Inc. and four facilities from certain indirect affiliates and subsidiaries of Eagle Arc Partners LLC — formerly known as Blue Mountain Holdings, court documents stated.
Multiple operators have divided up the centers, according to the post.
Late last month, Gulf Coast asked a bankruptcy judge to approve its Chapter 11 plan — saying it would be the best possible result.
Law360 first reported the news.
One of the issues of contention surrounding Gulf Coast’s proposed Chapter 11 plan involves parties with litigation against the operator.
Gulf Coast first filed for bankruptcy back in October, citing “significant fiscal challenges” stemming from the COVID-19 pandemic.
M. Benjamin Jones, chief restructuring officer for Gulf Coast Health Care and senior managing director at Ankura Consulting Group LLC, asserted that Gulf Coast had experienced decreased resident occupancy levels, “crippling” staff retention issues, and an increase in Covid-related expenses.
While federal financial assistance had provided some relief, Gulf Coast had received “very limited” state assistance.
Companies featured in this article:
Eagle Arc Partners, Gulf Coast Health Care, Omega Healthcare Investors
