By Becky Yerak
Silvercrest Asset Management, Goldman Sachs Asset Management and American Equity Investment Life Insurance are among the bondholders backing the bankruptcy restructuring of Eagle Senior Living.
The nonprofit continuing-care community operator, which has 600 employees at 15 facilities, sought protection from creditors Friday with a proposed restructuring agreement in hand.
The three investment firms hold or advise funds with secured bonds with principal amounts totaling $135.6 million. Eagle Senior Living owes $252.9 million to creditors, mostly municipal bond holders. The pandemic has increased its costs, such as adding staffing hours to take residents' temperatures three times a day.
Write to Becky Yerak at becky.yerak@wsj.com
(END) Dow Jones Newswires
01-18-22 1810ET