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Nashville Senior Care’s proposed DIP loan draws U.S. trustee pushback
By Sarah Lizee
Olympia, Wash., Sept. 13 – Nashville Senior Care, LLC’s motion for final approval of a $5.35 million debtor-in-possession facility via UMB Bank, NA drew an objection from Paul A. Randolph, the U.S. trustee for Region 8, according to documents filed Tuesday with the U.S. Bankruptcy Court for Middle District of Tennessee.
The U.S. trustee said he objects to the motion on the basis that it contains significant estate waivers and concessions of third-party rights that are not represented.
The company currently has access to $2.85 million of the loan. That amount includes a $1.35 million bridge loan advanced to the company prior to the petition date by UMB.
The debtor said UMB holds a first-priority lien and security interest in substantially all of the debtors’ real and personal property.
The financing is set to bear interest at 12% per annum. The default rate would rise to 14%.
The Hermitage, Tenn.-based senior care company filed bankruptcy on Aug. 14 under Chapter 11 case number 23-02924.
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