Company that runs local nursing homes files for bankruptcy
Chapter 11 bankruptcy allows a company to restructure its debts and obligations and doesn't usually mean the closure of the business, according to Investopedia, an investment reference website.
Senior Care runs
The three local establishments are among more than 100 properties Senior Care operates in
Senior Care characterized the bankruptcy filing as part of a plan "to strengthen the company's financial footing" without interrupting the care it provides to nearly 10,000 patients, according to the release.
The company claimed it would continue paying vendors during the Chapter 11 process and employees would see no interruption in their pay.
In the press release, Senior Care blamed its financial struggles on "significant cuts in reimbursements from government agencies and private insurers" as well as "ballooning" lease payments.
"As the entire industry has seen, the leases associated with the communities have become cost-prohibitive," said
A spokesman for the
"There could not be a clearer warning signal about the seriousness of the state's nursing home funding crisis than yesterday's bankruptcy filing," THCA President and CEO
He added the state's reimbursements don't cover the cost of care for 75 percent of
"Funding challenges are making it difficult for nursing homes to compete in the job market," Warren said in the statement. That's causing staffing turnover to top 90 percent annually, he said.
"We've already seen two other national nursing home companies leave
Senior Care's bankruptcy filings were made through the
Average payroll each biweekly cycle is
About
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