In what is commonly referred to as a Chapter 22 bankruptcy, Fort Worth senior living center The Stayton at Museum Way has filed for Chapter 11 bankruptcy protection for the second time in five years.
Citing $112 million in municipal debt, The Stayton filed a proposed pre-packaged restructuring plan in the Northern District of Texas that calls for Buckner Retirement Services, which acquired The Stayton this past summer, to provide $15 million in refinancing as part of a plan to reduce the company’s debt to $81 million.
Martin Sosland and Candice Carson, lawyers at Butler Snow in Dallas, are lead debtor’s counsel for The Stayton.
The Stayton previously filed bankruptcy in November 2019.
The case is Tarrant County Senior Living Center, D/B/A/ The Stayton at Museum Way, Case No. 24-33082, NDTX.