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April 18, 2022 Update

On Monday, April 18, 2022, the U.S. Bankruptcy Court approved Edgemere’s “First Day Motions,” which will ensure Edgemere can operate business as usual. Approval of these motions enables Edgemere’s ability to meet commitments to its stakeholders, including residents and family members, throughout the duration of its Chapter 11 process. Among other approvals, the Court confirmed Edgemere’s authority to continue paying team members as usual, allowing them to provide residents the same high-quality care and services.

While this outcome was expected, it demonstrates positive momentum and further supports Edgemere’s commitment to operate the community as usual. It also allows Edgemere to honor its commitments throughout this process as it works to strengthen its financial foundation.
Edgemere’s landlord filed an objection to the Court prior to its First Day Hearing, which included inflammatory statements. While this litigation is ongoing and there will be back and forth in the case, we are pleased to share that the Court overruled the landlord’s objection.

As anticipated, Edgemere received interim approval of the financing it requested on an expedited basis, and expects that it will receive full approval of the financing at its Second Day Hearing. Edgemere’s bondholders are supporting the community through the Chapter 11 process. Edgemere thus has sufficient liquidity through its operating cash flows and debtor-in-possession financing to meet its obligations throughout the case. Edgemere remains confident that it will emerge from this process well-positioned to live into its potential for many years to come.

Edgemere is committed to keeping stakeholders informed throughout this process, and will continue to provide updates in a timely manner.