In re: Stonebridge, L.L.C., et al.,
United States Bankruptcy Court for the Eastern
District of Louisiana Case No.’s 97-14854, 97-14855,
97-14856, 97-14857, 97-14858 and 97-14859
(Jointly Administered)
Stonebridge, L.L.C., Audubon Living Center,
Inc., Carrollton-
Glyndana, L.P., Flower Mound-Glyndana, L.P.,
Glenn Laborde, Inc.,
and Glyndana-Windsor, L.P., filed voluntary
chapter 11 petitions for
relief. Tutera became
the post-petition manager of the six (6) facilities
that are owned or
leased by the above- referenced debtors.
Upon the advice of Tutera, the leases for Twin Pines and Audubon
were rejected by their respective debtors as neither facility was able to generate a profit after payment of its lease obligations. The
Bankruptcy
Court confirmed plans of reorganization for
Stonebridge, Cross Timbers,
Amite and Windsor which provided
for the restructuring of debts totaling
in excess of $20,000,000,
including approximately $13,000,000 in long
term debt held by
Bank One Louisiana, N.A.