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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