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Silvercrest, Goldman Sachs Among Backers of Eagle Bankruptcy

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

January 18, 2022 18:10 ET (23:10 GMT)

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