US-based senior healthcare provider Petersen Health Care has executed voluntary proceedings for relief under Chapter 11 of the US Bankruptcy Code.
The company has filed petitions in the US Bankruptcy Court for the District of Delaware.
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Petersen Health Care said this strategic move was intended to restructure its balance sheet.
The organisation expects to maintain normal business operations with sufficient funds to support its activities during the restructuring period.
Petersen Health Care has secured a $45m debtor-in-possession financing commitment, which is currently subject to receipt of court approval.
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The funding is intended to cover post-petition operating expenses and provide adequate working capital to fulfil the company’s commitments to its employees and suppliers.
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By GlobalDataGetzler Henrich & Associates and Winston & Strawn will be providing financial and legal advisory services to Petersen Health Care during the restructuring process.
Petersen Health Care chief restructuring officer David Campbell said: “Petersen will operate as usual, and our team remains committed to continuing to provide first-rate care for our residents.
“We will emerge from restructuring as a stronger company with a more flexible capital structure.
“This will enable us to continue as a first-choice care provider and a reliable employer for our staff.”
Based in Peoria, Illinois, Petersen Health Care has been operating in the US since 1974, with a network of facilities across Illinois, Iowa and Missouri.
The company specialises in delivering resident-centred care, offering a wide range of healthcare services.
Its services include nursing facilities for rehabilitative care, assisted and independent living communities, homes for the developmentally disabled, and memory care services, including care for Alzheimer’s disease.
Petersen Health Care also offers personal treatment programmes to cater to individual clinical categories, along with other physical, occupational and speech therapies.
The company aims to provide the highest quality of care for the elderly by fostering individuality, encouragement and respect in a home-like environment.
