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Plaza Healthcare to sell nursing homes

Jul 31, 2014 - The Deal Pipeline

Plaza Healthcare Center LLC has received court approval to pursue a sale of its 19 nursing home facilities to fellow Southern California nursing home operator Shlomo Rechnitz.

Judge Catherine E. Bauer of the U.S. Bankruptcy Court for the Central District of California in Santa Ana on Monday, July 28, approved the debtor's proposal to enter into a term sheet with Rechnitz that affirms the structure of the deal. Plaza plans to incorporate the actual transaction into a reorganization plan, an...