The judge overseeing Genesis Healthcare’s bankruptcy ordered bidding for its nursing-home business reopened after determining she couldn’t approve a proposed sale to a buyer tied to insider and health-care entrepreneur Joel Landau.
Judge Stacey Jernigan of the US Bankruptcy Court for the Northern District of Texas said she couldn’t sign off on liability releases for Landau, co-founder of Pinta Capital Partners, who was behind the sale of the business to affiliate CPE 88988 LLC. She cited concerns about Landau’s controlling interest, his absence from the hearing, and the need for heightened scrutiny.
She made her remarks from the bench Thursday, ...
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