Schafer and Weiner Confirm Nursing Home Chapter 11 Case
Michael E. Baum and John J. Stockdale, Jr. successfully guided a Medicaid-dependent nursing-home business located in Detroit, Michigan and its related real property holding company through the jointly administered chapter 11 process. The debtors proposed a chapter 11 reorganization plan that reduced their secured debt by more than $1.5 million and resolved significant federal and state tax debt. The confirmation process was hotly contested and, after an evidentiary hearing on plan feasibility, the United States Bankruptcy Court for the Eastern District of Michigan issued a written opinion that overruled the objections and confirmed the debtors’ plan of reorganization. To see a copy of the court’s opinion, please click here.