Devonshire PGA Holdings LLC, the owner of a Florida assisted-living facility, sought bankruptcy protection with a restructuring plan that gives lenders ownership in exchange for debt, Bloomberg News reported yesterday. The company, based in Palm Beach Gardens, Fla., listed debt of as much as $50 million and assets of less than $50,000 in its chapter 11 filing yesterday. Three affiliates also entered court protection, including Devonshire at PGA National LLC, which listed more than $100 million in both assets and debt. Devonshire intends to implement a consensual restructuring and will seek an “expeditious exit from chapter 11 protection,” according to court documents. Residents and unsecured creditors won’t be affected.
