New Chapter 11 Filing - Wachusett Ventures LLC

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Wachusett Ventures LLC

March 26, 2018

Skilled nursing operator in Massachusetts and Connecticut has filed for bankruptcy. The company blamed legacy expenses, management distress and macro issues for its filing. Per the filing, 

"...the Debtors have not been immune to the macroeconomic and industry-wide economic issues impacting the skilled nursing industry. Like others in the industry, the Debtors face declining reimbursement rates, pressure from declining occupancy rates across the country caused by the increased use of home care and other factors, and wage pressure." 

Y'all had better get used to this rationale. 

  • Jurisdiction: D. of Massachusetts (Judge Bailey)
  • Capital Structure: ~$7mm of funded debt     
  • Company Professionals:
    • Legal: Nixon Peabody LLP (RIchard Pedone, Christopher Desiderio, Christopher Fong)
    • Claims Agent: Donlin Recano (*click on company name above for free docket access)