PM Management - Killeen I NC LLC and jointly administered affiliates, operators of three skilled nursing facilities and one assisted living facility in the Killeen, Texas area with approximately 420 beds and 357 employees, filed for Subchapter V Chapter 11 protection on January 29, 2024 in the Northern District of Texas, Dallas Division (Case No. 24-30240) before Judge Stacey G. Jernigan. The filings followed a dispute over a frozen HUD Concentration Account containing approximately $7.45 million that left the debtors unable to fund payroll and vendor obligations. The debtors—part of the Abri healthcare group—emerged from bankruptcy with approximately $23.5 million in KeyBank-held HUD-insured debt and $5 million in prepetition rent arrears. The Third Amended Subchapter V Joint Plan of Liquidation was confirmed on April 29, 2024 and became effective May 1, 2024, transitioning operations to Touchstone Communities and establishing a liquidation trust. General unsecured creditors were estimated to receive 45%-75% recovery.
