Blueprint was engaged by the Chief Restructuring Officer for Comprehensive Healthcare Management Solutions and was approved by the United States Bankruptcy Court for the Western District of Pennsylvania to handle the divestiture of nine skilled nursing facilities. The facilities were part of two separate subgroupings: Maybrook (7) and Consulate (2).
The facilities are within 70 miles of Pittsburgh, Pennsylvania, and comprise 920 skilled nursing beds, 19 personal care beds and 15 independent living units. In the wake of operational challenges stemming from but not limited to the pandemic, citing declining census, staffing shortages and prior litigation, Comprehensive filed for Chapter 11 bankruptcy protection in May.
Blueprint targeted owner/operators with an existing presence in Pennsylvania and surrounding states, resulting in multiple competitive offers for the stalking horse position. The selected stalking horse bidder, Kadima Healthcare Group, was the high qualified bidder and the eventual court-approved buyer.
Working together with the debtors, existing lender, respective counsels and stakeholders, Blueprint navigated the additional complexities associated with the bankruptcy sale process, state licensure hurdles, and unsecured creditor claims to obtain the bankruptcy court’s final approval and get the deal across the finish line. According to court documents, the purchase price was $53 million, or $55,600 per unit/bed. Michael Segal and Daniel Waldhorn handled the transaction.
