Senior Care Centers Files for Bankruptcy, Blaming ‘Expensive Leases’

Senior Care Centers announced Tuesday that it is filing for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas.

The move will allow Senior Care Centers, which has almost 10,000 residents and nearly 11,000 employees, address “burdensome debt levels and expensive leases,” according to a press release announcing the bankruptcy filing.

Senior Care Centers will continue paying vendors for the goods and services provided during the Chapter 11 process, in addition to continuing to cover payroll, according to the company.

“After careful analysis, we determined that the protections afforded by the Chapter 11 process are the best way to address the company’s debt and costly leases while allowing us to continue to provide all the top-level care and support our residents deserve,” Kevin O’Halloran, Senior Care Centers’ chief restructuring officer, said in the release.

Full story at Skilled Nursing News