The court-appointed receiver in the bankruptcy of Edina, Minn.-based Welcov Healthcare has sued two executives from the now-defunct skilled nursing operator, seeking at least $18 million. The Minneapolis Star Tribune first reported the news. Lighthouse Management Group filed suit against former Welcov CEO Paul Contris and company president Thomas Boerboom in Hennepin County, Minn., alleging […]
Welcov Healthcare
When a skilled nursing provider enters receivership or bankruptcy, the safety and wellbeing of the residents is the top priority for all parties involved. The financial struggles raise questions about the continued provision of necessary care, and the safe transfer of operations becomes paramount. But in many recent SNF bankruptcies, or cases where a SNF […]
The skilled nursing world has seen its share of bankruptcies over the last few years, and this past week a vendor with a heavy concentration in the space blamed the industry’s woes for its own filing. Joerns, a private-equity owned company that makes medical equipment, began Chapter 11 bankruptcy proceedings late last month, citing post-acute […]
The Ensign Group (Nasdaq: ENSG) acquired the operations of the 99-bed Downey Care Center, a skilled nursing facility in Downey, Calif. The acquisition was effective March 1. “It’s been many years since we have found the right opportunity to grow in Southern California,” Ensign President and CEO Christopher Christensen said in a statement announcing the […]
To facilitate the transfer of Welcov Healthcare’s 22 skilled nursing facilities to new operators, the provider’s landlords agreed to take a back seat to vendors in the repayment line, with the goal of resolving an unusual bankruptcy proceeding. That’s according to court documents and a recorded hearing, which detail the transfer of operations and the […]
More than 20 skilled nursing facilities operated by Welcov Healthcare are now under the control of new operators, court documents filed Monday show. The chain reached an agreement to formally transfer oversight of 22 SNFs in Minnesota, Wyoming, Iowa, and South Dakota to new operators. Lighthouse Management Group, Inc., a Brighton, Minn.-based consulting firm that […]
The Champaign County Board approved roughly $6 million in nursing home expenses for the Champaign County Nursing Home in Urbana, Ill., The News-Gazette reported. The board on January 15 voted to appropriate $1.98 million to pay off bills to nursing home vendors that dated as far back as fiscal 2015; it also voted to write […]
Welcov Healthcare, a nursing home and senior living operator based in Edina, Minn., is in the process of “winding down operations,” according to local media reports. The company is going through a reorganization and is in the process of shutting down operations, though it remains committed to two facilities in Torrington, Wy., Welcov president Tom […]
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