December 1, 2017 / 9:39 PM / 8 months ago

Preferred Care and New Mexico reach truce over bankruptcy loan

(Reuters) -

Bankrupt Preferred Care Group won initial court approval on Thursday to borrow $10 million after the New Mexico attorney general’s office backed off complaints that the loan benefited the owner of the large nursing home operator.

“They need the money now so we’re not going to stand in the way,” a lawyer for Attorney General Hector Balderas’ office told Judge Mark Mullin at a hearing in Bankruptcy Court in Fort Worth, Texas, opening the door to interim approval of the loan.

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