AUSTIN - Nursing home operator Advanced Living Technologies Inc. wants to sell six nursing facilities in Texas after filing for bankruptcy protection.
The Austin-based company said it is selling the facilities to maintain the value of its assets and minimize disruption for the facilities’ residents. Advanced Living, which did not file a breakdown of its assets with its bankruptcy petition, estimated that it has $12 million in assets and $25 million in debt.
The company employs about 400 workers across the state and operates nursing homes that can house up to 672 residents. The nursing homes are in Waller, Wilson, Lee, Milam and Victoria counties.
While many assisted-living facilities felt pressure during the recession, a large influx of retirees into the Austin area has kept optimism in the face of increased competition. In the past three or four years, the number of assisted-living facilities competing in the Austin area has increased from four or five to ten to 12.
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