{"id":56412,"date":"2025-07-11T08:48:15","date_gmt":"2025-07-11T08:48:15","guid":{"rendered":"https:\/\/www.europesays.com\/us\/56412\/"},"modified":"2025-07-11T08:48:15","modified_gmt":"2025-07-11T08:48:15","slug":"pennsylvania-based-genesis-healthcare-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/56412\/","title":{"rendered":"Pennsylvania-based Genesis HealthCare files for bankruptcy"},"content":{"rendered":"<p>The company that would one day become Genesis HealthCare was founded four decades ago this year. By 2015, it became one of the largest post-acute care providers in the country with more than 500 skilled nursing centers across 34 states, according to <a href=\"https:\/\/www.genesishcc.com\/about-us\/company-profile\/history\" rel=\"nofollow noopener\" target=\"_blank\">its website<\/a>.\n<\/p>\n<p>But as the health care chain quickly expanded, it also faced more complicated industry regulations and requirements and fewer profits, investors and owners said in court documents. Those hurdles were then compounded by challenges during the COVID-19 pandemic.\n<\/p>\n<p>\u201cThe after-effects of the pandemic on the skilled nursing industry generally, and Genesis HealthCare specifically, cannot be overstated,\u201d Louis E. Robichaux IV, Genesis HealthCare co-chief restructuring officer, <a href=\"https:\/\/document.epiq11.com\/document\/getdocumentbycode?docId=4488692&amp;projectCode=GHI&amp;source=DM\" rel=\"nofollow noopener\" target=\"_blank\">stated in court filings<\/a>.\n<\/p>\n<p>Private equity firm ReGen Healthcare, LLC has invested more than $100 million in the company, but Robichaux said it has not been enough to overcome the debt, which has been exacerbated by \u201cinsufficient state Medicaid reimbursement rates.\u201d\n  <\/p>\n<p>\u201cIn particular, insufficient reimbursement rates in the Commonwealth of Pennsylvania and the State of New Jersey have been a notable contributor to the debtors\u2019 financial struggles,\u201d Robichaux stated.\n<\/p>\n<p>The company employs about 27,000 workers nationally and provides short- and long-term residential beds for about 15,000 people, according to court documents.\n<\/p>\n<p>Bankruptcy hearings are scheduled for dates in August and September before U.S. District Court Judge Stacey G. Jernigan.\n<\/p>\n<p>\u201cOur ongoing work has confirmed that, to maintain our momentum, we must address our legacy debt structure,\u201d said David Harrington, executive chairman of the Genesis HealthCare Board of Directors, in a press release. \u201cThe goal of this filing is to emerge a stronger, healthier company poised to exceed our goals for clinical and operational excellence.\u201d\n        <\/p>\n","protected":false},"excerpt":{"rendered":"The company that would one day become Genesis HealthCare was founded four decades ago this year. By 2015,&hellip;\n","protected":false},"author":3,"featured_media":56413,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[51,41352,50,52],"class_list":{"0":"post-56412","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-headlines","9":"tag-kennett-square","10":"tag-news","11":"tag-top-stories"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114833739225913374","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/56412","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=56412"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/56412\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/56413"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=56412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=56412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=56412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}