Federal Court Approves Petersen Heath’s Sale Of Majority Of Nursing Homes For $116 Million  

A federal bankruptcy court approved a plan by Peoria, Illinois-based Petersen Health Care to sell most of its properties to real estate investment firm Cascade Capital Partners. Cascade Capital Partners bid $116 million for most of Petersen Health Care’s properties. ;

Ten Petersen facilities were excluded from the sale. They are still under Petersen Health’s ownership, and Cascade’s bid was reduced to $97.5 million to accommodate for the exclusion of these sites. ;

The decision followed a competitive bidding process. The reorganization is expected to stabilize;Petersen Health Care’s;financial position and . . .