Gulf Coast Health Care has been one of the top skilled nursing operators in Florida and the southeastern United States for over 12 years, winning multiple awards and accolades from the long term care industry. Gulf Coast has also been a leader in advocating for the best interests of its residents, their families and its associates.
Like many other in the industry, the COVID-19 pandemic has created significant challenges for Gulf Coast Health Care. The combination of the lasting effects of the global COVID 19 pandemic on the industry, which has driven a significant decrease in census, together with a significant increase in expenses, the industry-wide shortage of staff, and the substantial decrease in funding support from state and Federal sources, has led to this decision. After considering various restructuring strategies, we determined that a chapter 11 filing and transition of all centers to new operators was in the best interests of the Company, its residents and associates.
On October 14, 2021, Gulf Coast Health Care entered into a Restructuring Support Agreement with certain of its key stakeholders—including Omega Healthcare Investors, its principal landlord—to implement a comprehensive restructuring of the Company. Under this arrangement, the facilities are empowered to continue to provide the excellent care for which Gulf Coast in known. In order to implement the transactions under the Restructuring Support Agreement, Gulf Coast Health Care and certain of its affiliates and subsidiaries filed for chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware.
As part of the filing, an affiliate of Omega Healthcare Investors has agreed to provide new money financing which will allow Gulf Coast Health Care to have access to sufficient liquidity to operate its business, pay associates and vendors, and allow the dedicated team members at its centers to focus on providing their nationally-recognized level of care. Throughout the restructuring, which will include the transfer of operations, Gulf Coast will remain committed to delivering quality, compassionate care and prioritizing the health, safety and well-being of its residents.
Most questions regarding the Company’s operations at this time can be answered on its website https://gchc.com. Additional questions can be directed to the company’s President, Brett Barnett, at email@example.com.
You may also go to https://dm.epiq11.com/GulfCoastHealthCare for additional information about the Chapter 11 bankruptcy cases and for access to all documents filed in the cases.
Gulf Coast remains at the service of its residents and their families.