A legal notice published in this week’s newspaper indicates that Pioneer Health Services is being foreclosed upon by Trustmark National Bank. This foreclosure represents only one of the two buildings in the Magee industrial park.
Mike Morgan, chief restructuring officer for Pioneer as appointed by the bankruptcy court, confirmed that operations have been combined into the newer of the two buildings in Magee.
Morgan said it is anticipated that a lease agreement will be put into place for one of the buildings which is home to Pioneer Financial Services and Pioneer Health Services. He said this could be coming quickly, but he did qualify that the actual contract will probably take longer on what he called an Asset Purchase Agreement.
The newer building was financed by a different lender than Trustmark. Morgan said the current employment level for the facility in Magee is approximately 70 employees.
Pioneer filed for relief through bankruptcy proceedings in March of 2016. The filings were for Pioneer as well as subsidiary companies owned and operated by Pioneer.
The filing was a Chapter 11 bankruptcy, which allows for re-organization.
The property is set for auction on July 21at the Simpson County Courthouse between the hours of 11 a.m. and 4 p.m. to the highest and best bidder. This will include all furniture and fixtures contained within the building.
