New owner approved for SD nursing homes in receivership
A court ordered
The receivership was created in
Receivership is a legal process in which a person or group -- the receiver -- is appointed by a judge to oversee business operations and finances. It's sometimes used when businesses have financial issues.
In documents filed
But before the transfer was approved, the court laid out several conditions for Black Hills Receiver.
First, Black Hills Receiver must maintain a detailed accounting of funds received and expenses paid from before and up until the transfer date, according to the documents. The receivership will be permitted to cover payroll, benefits and paid time off through
Approximate amounts for all of the outstanding expenses were included in court documents. However, if those are significantly more than what is estimated, Black Hills Receiver will have to submit financial documents and obtain approval, according to the stipulations.
Once those payments are made,
After Midcap is reimbursed, vendors who are owed for services during the receivership will be paid, according to court documents.
Black Hills Receiver also asked the court
In
Of the 16 remaining facilities, nursing homes in the local area are in
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