Long-Term Care Operator Petersen Health Care Plans to Sell Facilities Amid Bankruptcy Challenge
Peoria, Illinois – Long-term care operator Petersen Health Care has announced plans to sell off portions of its facilities after filing for Chapter 11 bankruptcy. The company, which currently operates almost 100 senior care facilities in the rural Midwest, is burdened with nearly $300 million in debt, including millions of dollars owed in loans that resulted in eight Petersen-run facilities in Illinois being placed in receivership. To aid in its restructuring efforts, Petersen secured a $45 million bankruptcy loan with the goal of maintaining operations to preserve the value of its facilities and generate additional … Read more