It’s been almost a year since the North Shore Manor was declared bankrupt and the operation taken over by trustees PricewaterhouseCoopers.
It’s also been about a year since the trustees tasked Shaun Lane with running the Level 1 and 2 personal-care home in Irishtown while it looked for a new owner. Lane operates three other personal-care homes in the province and is president of the Personal Care Home Association.
Looking back over the past 11 months, Lane said he didn’t think he’d be running the home this long.
“But in saying that, the adjustment has gone very well,” said Lane. “It certainly weathered the storm that we went into.”
When Lane took over the home it had 42 residents, and that number dropped to 38. For a while Western Health would not allow the home to take in additional residents, but since that restriction has been lifted the number of residents has grown to 48.
“And that’s helped the overall picture and the overall operation.”
Lane said in terms of the day-to-day operation the trustees have gone beyond the call of duty.
“They have really stressed that their main focus in this is making sure that the residents are properly cared for.”
He said it’s never been about saving money, but instead about what’s best for the residents.
With the tender on the home’s sale now in its third offering, Lane is optimistic that a new owner will be found soon.
Greg Gosse, vice-president and trustee with PricewaterhouseCoopers, said the original estimate when the bankruptcy order was issued on April 21, 2013 was that it would take three to four months to secure a sale.
But that failed to transpire when the first tender closed in July.
“When we reviewed the bids the secured creditors thought that we could get a higher offer if we retendered,” said Gosse.
The secured creditors are owed approximately $2.8 million, and that continues to accrue interest.
The tender was reissued and this time a bid was accepted by the secured creditors. Because it was less than 75 per cent of the appraised value the accepted bid required court approval. That was granted and the sale was suppose to close on Nov. 17.
However, the purchaser asked for and was granted a 30-day extension.
“And when the 30 days expired there was no funds provided,” said Gosse.
The trustees waited and issued the latest tender in early February. That one closes on March 14.
Gosse said there has been several site inspections and requests for tender documents. “So there is interest. Whether there’ll be bids or not we don’t know.” Gosse noted that all bids received in the first two rounds were to operate the facility as a personal-care home and came from within the province.
Meanwhile, Lane said the sale of the home will really come down to what somebody can afford to pay.
He had bid on the operation in the second round, but was unsuccessful.
The Western Star