IHS of Bridgewood
Kansas City, Missouri
Tutera acquired this long term care facility from an affiliate of Integrated
Health Services, Inc. (“IHS”) in conjunction with IHS’s chapter 11
proceeding pending before the United States Bankruptcy Court for
District of Delaware. Tutera, together with FINOVA, which holds a first
mortgage lien in the facility, worked in unison to take back the operations
from IHS. In conjunction with the acquisition
of this facility, Tutera
provided the new owner with access to a
$1,000,000 line of credit for
which FINOVA agreed to subordinate
its first mortgage liens and security interests to secure repayment
of such loan.