North Shore Manor proposes 5-year repayment, reorganization plan
LOVELAND — Majority stockholders of the North Shore Manor Inc. nursing home in Loveland say that they can repay the majority of their obligations and shore up nursing-home operations over a five-year period if the U.S. Bankruptcy Court in Denver approves the plan for reorganization filed Wednesday.
The plan likely will see opposition over the coming days from the organization’s primary creditor, Columbine Health Systems and its owner, Robert Wilson.
But the alternative to the Chapter 11 bankruptcy reorganization, North Shore Manor said, is Chapter 7 liquidation, in which case unsecured creditors would get nothing.
Aaron Garber, attorney for North Shore with the…
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