Plan Administrator leading post-confirmation wind-down
Absolut Facilities Management, LLC
Following confirmation of a committee-proposed Chapter 11 plan and the sale of substantially all operating assets, Gibbins Advisors serves as Plan Administrator for Absolut Facilities Management, leading the post-confirmation wind-down, including asset realization and the administration of claims, reserves, and governance oversight (case still active)₁
TEAM Ronald Winters, Bradley Williams
Situation Overview
Absolut Facilities Management, LLC and its affiliated entities operated multiple skilled nursing and assisted living facilities in New York, employing approximately 975 individuals and generating roughly $83 million in annual revenue. Facing liquidity pressure and operational challenges, the Debtors commenced Chapter 11 proceedings in the Eastern District of New York. The case culminated in the court-approved sale of substantially all operating assets and confirmation of a committee-proposed Chapter 11 plan providing for a post-confirmation wind-down administered by a Plan Administrator.
Images are for illustrative purposes only.
₁ - As of April 2026, the Plan Administrator activities are continuing
Summary
Sector:
Senior Care
Approx. Size:
Seven Facilities employing approx. 975 individuals
Our role:
Financial Advisor and later Plan Administrator
Key Results:
Successful administration of wind-down activities.
Orderly execution of plan.
Compliance with Plan Administrator Agreement.
Role
Gibbins Advisors initially served as financial advisor to a landlord constituency during the Chapter 11 process and was subsequently appointed as Plan Administrator pursuant to the confirmed Third Amended Joint Chapter 11 Plan.
In the role of Plan Administrator, Gibbins Advisors acts as a fiduciary for the estates, assuming full authority to administer the Plan, oversee the wind-down of debtor affairs, manage post-confirmation governance subject to reporting to the Court, the Oversight Committee and other stakeholders (case still active)₁
Approach
Performed a comprehensive post-confirmation review of the Plan, estate liquidity, reserves, claims profile, and governance framework to establish a clear execution roadmap.
Applied disciplined stakeholder and governance management, aligning the Oversight Committee, professionals, and counterparties around priorities, timelines, and decision-making authority.
Exercised proactive fiduciary oversight as Plan Administrator, identifying execution risks early and maintaining tight control over claims reconciliation, reserves, and post-sale obligations.
Driving an efficient, orderly wind-down, emphasizing transparency, predictability, and timely resolution of remaining estate matters.
Key Accomplishments
Successfully administering the post-confirmation wind-down of the estate following the sale or realization of substantially all operating assets.
Ensuring orderly execution of the confirmed Plan, including management of administrative expense claims, professional fees, and reserves.
Overseeing ongoing compliance with the Plan Administrator Agreement, exercising fiduciary authority as sole manager of the Debtors post-Effective Date.
Providing structured oversight and reporting to the Oversight Committee, supporting efficient resolution of remaining estate matters.
Completing final wind-down activities in accordance with the confirmed Plan and applicable Bankruptcy Code requirements.
