US-based Petersen Well being Care recordsdata for Chapter 11 chapter
US-based senior healthcare supplier Petersen Well being Care has initiated a voluntary indemnity continuing beneath Chapter 11 of the US Chapter Code.
The corporate has filed petitions within the U.S. Chapter Courtroom for the District of Delaware.
Petersen Well being Care mentioned this strategic transfer was supposed to restructure its stability sheet.
The group expects to proceed regular operations with ample assets to assist its operations through the restructuring interval.
Petersen Well being Care has secured a $45 million debtor-in-possession financing dedication, which is at present topic to court docket approval.
The financing is meant to cowl working prices following the submitting of the petition and to offer ample working capital to fulfill the corporate's obligations to its workers and suppliers.
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Getzler Henrich & Associates and Winston & Strawn will present monetary and authorized advisory companies to Petersen Well being Care through the restructuring course of.
David Campbell, head of restructuring at Petersen Well being Care, mentioned: “Petersen will function as normal and our workforce stays dedicated to persevering with to offer first-class care to our residents.
“We are going to emerge from the restructuring as a stronger firm with a extra versatile capital construction.
“This enables us to proceed as a healthcare supplier of selection and a dependable employer for our employees.”
Based mostly in Peoria, Illinois, Petersen Well being Care has been in enterprise within the U.S. since 1974, with a community of services in Illinois, Iowa and Missouri.
The corporate makes a speciality of offering resident-centered care and gives a variety of healthcare companies.
Companies embody nursing services for rehabilitation care, assisted and impartial residing communities, properties for the developmentally disabled and reminiscence care companies, together with Alzheimer's illness care.
Petersen Well being Care additionally gives personalised remedy packages to fulfill particular person scientific classes, together with different bodily, occupational and speech therapies.
The corporate strives to offer the best high quality of look after older adults by selling individuality, encouragement and respect in a home-like setting.
