March 10, 2014

George Mesires Quoted in Senior Housing News on Rash of Senior Care Facilities Filing for Bankruptcy in California

The senior care industry in California is watching developments closely as 19 affiliated senior care entities in that state have each filed for Chapter 11 bankruptcy. George Mesires, who leads FaegreBD's Chicago finance and restructuring team, was quoted in Senior Housing News on how the bankruptcy filings may impact debtors tied to Country Villa Service Corp., which manages the affected senior care entities.

"While in many instances separate entities are used for operations to contain or compartmentalize liability, it appears that the debtors are experiencing contagion among the affiliated entities due to widespread and intertwined financial and legal challenges," Mesires said. "The debtors have common ownership, common creditors and a common prepetition credit agreement, and are all named defendants in numerous class actions."
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