Residents of Bankrupt NY Senior Home Face Big Losses in Private Equity Deal.

Residents of The Harborside, a senior living community in New York, are facing significant financial losses after the facility went bankrupt. A sale agreement approved by a federal court will result in residents receiving an initial $6 million distribution, with potential additional distributions in the future. While the deal is not ideal, it is considered the best available outcome given the circumstances. The sale to a private equity firm will provide some compensation to residents and bondholders, although it falls short of fully compensating the senior citizens. [Extracted from the article]

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