But Newport Beach-based Nationwide and Oxnard-based LTC both say they expect to continue receiving rent from the bankrupt firm, whose Chapter 11 filing was anticipated for quite some time.Alterra accounted for 14% of Nationwide's's revenues for the year ended Dec. 31. Nationwide said the Alterra Chapter 11 bankruptcy reorganization "is something we have anticipated and discussed for over a year now."
R. Bruce Andrews, Nationwide's president/CEO, said Alterra has been restructuring out of court for more than two years, with a goal of going into the final bankruptcy phase with a selected portfolio of properties that, for the most part, is intended to be the core of a restructured business. Andrews said "no definitive assurances can be given," but Nationwide expects to continue to be paid its rent from Alterra.
Alterra leases 35 assisted-living facilities from LTC, generating approximately $8.9 million in rent as of Dec. 31. In an announcement following Alterra's Chapter 11 filing, LTC said it expects that it "will not be adversely impacted" by the bankruptcy.
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