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Wachusett Ventures filed Chapter 11 in Massachusetts as the lead debtor and immediately sought joint administration for its related nursing-facility cases. The petition and first-day record frame the case as an operating healthcare restructuring, not a balance-sheet shell: Steven Vera, the COO and 20% owner, described a portfolio of five skilled nursing facilities across Massachusetts and Connecticut, with capacity for 583 patient-residents, more than 540 current residents, and 619 employees, including about 297 union employees source filing source filing source filing.
The economics were lease- and liquidity-driven. The debtors reported about $54 million of 2017 revenue, projected 2018 revenue of roughly $49.0 million, nearly $8 million of prepetition unsecured liabilities, approximately $847,000 owed to Congressional Bank on the Brockton facility, and about $2.56 million owed to CCP Finance across Connecticut and Massachusetts facilities. All facilities were leased, largely from Sabra-related landlords, with Mercury SNF as Brockton landlord; the debtors blamed inherited operating problems, receivable delays, a Brockton lease said to be about 200% above supportable levels, closed-facility liabilities above $1 million, and reimbursement, occupancy, and wage pressure. First-day relief focused on keeping resident care uninterrupted through wages, insurance, utilities, taxes, patient programs, Donlin Recano as claims agent, cash collateral, and DIP/cash-collateral arrangements with CCP Finance and Congressional Bank source filing source filing source filing.
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