Senior living firm with 100 nursing homes set to file for bankruptcy after $50m battle & CEO braces for ‘minimal impact’ ...Middle East

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Senior living firm with 100 nursing homes set to file for bankruptcy after $50m battle & CEO braces for ‘minimal impact’
source : The U.S. Sun ( Middle East ) () 33
THE OPERATOR of about 100 nursing homes in the Midwest is preparing to file for bankruptcy. Petersen Health Care is facing legal battles after lenders say it failed to make good on payments. GettyThe major elder care provider is prepping for bankruptcy, Bloomberg reported[/caption] Sources close to the Peoria, Illinois, company told Bloomberg it would file Chapter 11 bankruptcy in the coming weeks. Legal trouble came after the company allegedly failed to pay over $50 million to lenders. At least 17 of the company’s facilities have since been placed into receivership in recent weeks. That means the creditors that Petersen owed money to have taken over the locations. Petersen

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