Petersen Health Care, one of the largest nursing home operators in the U.S., filed for bankruptcy on Wednesday after cyberattacks and defaults on government-backed loans worsened the company’s long-standing financial challenges. The Peoria, Illinois-based company filed for Chapter 11 protection in Delaware bankruptcy court with over $295 million in debt, including $45 million owed under healthcare facility loans insured by the U.S. Department of Housing and Urban Development. Petersen operates over 90 nursing homes in Illinois, Missouri, and Iowa, with nearly 4,000 employees, capacity for 6,796 residents, and over $339.7 million in revenue in 2023.
Read the full article: Nursing Home Co. Petersen Files for Bankruptcy after Cyberattacks //
Source: https://www.reuters.com/legal/litigation/nursing-home-co-petersen-files-bankruptcy-after-cyberattacks-2024-03-21/