Genesis HealthCare rehab and nursing home operator files for bankruptcy
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Pennsylvania-based Genesis HealthCare files for bankruptcy
Genesis HealthCare, headquartered in Kennett Square, is the parent company of about 175 centers across 18 states. The chain has secured a $30 million loan and has other cash on hand to continue to cover employee payroll and benefits. The Commonwealth of Pennsylvania is owed $58 million in nursing facility assessment fees.
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.”
Genesis HealthCare, headquartered in Kennett Square, is the parent company of about 175 centers across 18 states, including Delaware, New Jersey and Pennsylvania.
The health care operator filed for Chapter 11 bankruptcy protection Wednesday in the Northern District of Texas, listing more than $1.5 million in unsecured debt to creditors in missed rental payments, pension fund contributions and other unpaid, rendered services.
One of those creditors is the Commonwealth of Pennsylvania, which is owed $58 million in nursing facility assessment fees, according to court documents.
Lauren Murray, Genesis HealthCare’s chief operating officer, told WHYY News that “we don’t expect any impact to resident care or staffing.”
The chain has secured a $30 million loan and has other cash on hand to continue to cover employee payroll and benefits.
“We believe this financial reorganization is a necessary step for our organization to sustainably deliver on our mission of improving lives through delivery of high-quality health care and everyday compassion,” Murray said in an earlier press release.
Source: https://whyy.org/articles/genesis-healthcare-bankruptcy/