NURSING HOME Glenview Manor officials plan bankruptcy strategy

Glenview filed for bankruptcy protection May 27.
MINERAL RIDGE -- Glenview Manor officials plan for the nursing home to emerge from bankruptcy court protection by the end of the year, a lawyer said.
A key step will be refinancing the company's debt, said Joseph Hutchinson, a Cleveland attorney representing the state Route 46 nursing home. Officials received financing to continue operations during the bankruptcy proceedings and are looking to negotiate a long-term deal with a lender, he said.
Glenview filed for bankruptcy protection May 27 under Chapter 11, which allows a company to reorganize its debts.
Liabilities
Court filings show Glenview has liabilities of $13.2 million, including $9.2 million owed to National City. The bank loan was for operating purposes, Hutchinson said.
He said operations have gone well since the filing, and the nursing home has sufficient cash flow to cover its operating costs. The 216-bed home has about 160 residents, he said.
Company officials have hired Sage Health Services of Evansville, Ind., to manage the nursing home. Hutchinson said Sage officials have improved the home's marketing, financing and operations.
Sage will stay on board as long as needed and at least to the end of the year, he said.
Also in filing
Also included in the bankruptcy filing was Glenview Village, an assisted living center; American Way Investments Corp., the holding company for Glenview; and three related companies. Edward Hood is the sole shareholder in American Way.