Petersen Health Care liquidates; Courtyard Estates sold
•August 7, 2024•
by E. Scott England
Courtyard Estates of Sullivan has been sold following months of ongoing legal proceedings against Petersen Health Care. PHC filed for chapter 11 bankruptcy in May, an action that came as a result of several loans that had been defaulted on dating back to February of this year.
After the loan default, about seven properties risked being foreclosed upon and shut down. At that time, it was reported that $51 million was owed to two separate companies. The filing of the chapter 11 bankruptcy allowed for PHC to keep locations open and in operation as well as continue paying employees.