Bankrupt Genesis Healthcare Inc. has selected a business associated with nursing home executive Jacob Sod to start off bidding for a renewed auction of its sprawling nursing-home empire.
Genie 3 Partners LLC’s $259 million cash proposal for the business has been tapped to replace an insider bidder, Genesis said in a notice filed Monday in the US Bankruptcy Court for the Northern District of Texas.
In addition to the $259 million in cash, Genie 3’s bid includes a $100 million unsecured promissory note that would be paid over four years with 3% interest, according to court records. If Genesis ultimately ...
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