US EditionGenesis Healthcare Files for Bankruptcy
KENNETT SQUARE, PENNSYLVANIA, JUL 10 – Genesis Healthcare faces over $2 billion in liabilities and secured $30 million in interim financing while restructuring after a cyberattack and multiple financial pressures.
- Genesis Healthcare Inc., a Pennsylvania-based operator of nearly 200 facilities, filed for Chapter 11 bankruptcy on Wednesday in Dallas, Texas.
- The filing follows years of financial struggles caused by legacy liabilities, inadequate Medicaid reimbursement, and pandemic-related challenges.
- Genesis has a workforce of approximately 27,000 employees, supports around 15,000 residents nationwide, and carries debt obligations ranging from one to ten billion dollars, with as many as 25,000 creditors.
- David Harrington and Louis Robichaux IV stated the company aims to emerge stronger by restructuring its legacy debt, while maintaining staff positions and care quality.
- The process includes $30 million in debtor-in-possession financing and a planned acquisition by ReGen Healthcare affiliates to support continued operations.
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Rehab and nursing home operator Genesis HealthCare files for bankruptcy with locations in Pa., Delaware and New Jersey
One of the region’s largest rehab, skilled nursing home and independent senior living chains declared bankruptcy this week as it attempts to restructure its debt and emerge as a “stronger, healthier company.”
·Philadelphia, United States
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Wall Street JournalReposted by 
BizToc
BizTocNursing Home Chain Genesis HealthCare Files For Bankruptcy
·New York, United States
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Pa. nursing home operator Genesis enters bankruptcy with $58 million tax debt to state • Pennsylvania Capital-Star
(Getty Images)One of the largest nursing home operators in Pennsylvania filed for bankruptcy Wednesday, listing the commonwealth among its biggest unsecured creditors. Based in Kennett Square, Chester County, private equity-backed Genesis HealthCare said in a statement Wednesday that the petition for Chapter 11 bankruptcy protection would permit it to pursue a reorganization plan with minimal disruption. It said the reorganization would allow …
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