Nursing home operator Senior Care Centers LLC won court approval for a chapter 11 plan that will restructure it into a new company majority-owned by its unsecured creditors, WSJ Pro Bankruptcy reported. Bankruptcy Judge Stacey G.C. Jernigan said at a hearing that she would confirm a reorganization plan proposed by the company and the committee of unsecured creditors. The restructured company will be led by Michael Beal as chief executive, after serving as chief operating officer of Senior Care, according to court records. The chapter 11 plan establishes a trust for the benefit of unsecured creditors that will own 80 percent of the new company’s common stock. The members of the trust advisory board will be Healthcare Services Group, Shiftkey LLC and Medline Industries Inc., court records said. The other 20 percent equity stake is earmarked for a management incentive plan.
