The U.S. Bankruptcy Court for the Western District of Pennsylvania has approved the sale of eight Guardian Healthcare-owned skilled nursing facilities in Pennsylvania (seven facilities) and Fairmont, West Virginia to GBK Eight LLC. The eight facilities total 587 beds. Additionally, the Court had previously agreed to the operational transfer of 11 leased facilities, two of which include personal care homes, to Oxford Valley Health. That transfer was completed on October 29. Senior Living Investment Brokerage handled the sale of the eight facilities, while Saul Ewing LLP served as restructuring counsel, and EisnerAmper LLP served as restructuring adviser to the debtors.
Those eight properties include: Beaver Valley Healthcare and Rehabilitation Center, Belair Healthcare and Rehabilitation Center, Eldercrest Healthcare and Rehabilitation Center, Fairmont Healthcare and Rehabilitation Center, Havencrest Healthcare and Rehabilitation, Highland View Healthcare and Rehabilitation Center, Meadowcrest Healthcare and Rehabilitation Center and Oak Hill Healthcare and Rehabilitation Center. All of the facilities will remain open, and the sale is expected to close in the near future. We expect more details to follow.
Guardian had cited “strong industry headwinds in recent years,” that had caused them financial challenges. Those headwinds included “lingering effects of COVID, labor shortages, rising wage inflation, increased reliance on high-cost agency labor, inadequate Medicaid reimbursement and mounting provider assessments in Pennsylvania.”
