Major Nursing Home Company, With Properties in Maine, Files For Bankruptcy

If you’ve driven by a Genesis HealthCare facility here in Maine, you’re not alone.  The company has facilities in nearly every corner of the state.

They operate several centers across the state.  These include Cedar Ridge Center in Skowhegan, Oak Grove in Waterville, Pine Point Center in Scarborough, and Sedgewood Commons in Falmouth.  In total, the company owns 11 nursing facilities in Maine.

It appears that the company behind these facilities is dealing with some financial issues.

According to an article in the KJ, the company, based in Pennsylvania, has filed for Chapter 11 bankruptcy protection.

The management at Genesis HealthCare are calling it a move to help stabilize their future and come out stronger on the other side.

They run nearly 200 facilities in 17 states, including right here in Maine.  Along with traditional long-term and short-term care, Genesis offers more specialized services like orthopedic rehab, Alzheimer’s care, ventilator support, dialysis, and assisted living.

The filing was made on July 9th in U.S. Bankruptcy Court for the Northern District of Texas.  According to the company, this is all part of a plan to restructure some old financial liabilities and keep their operations running smoothly.

The good news?  Genesis says there are no plans to close any locations.  Operations will continue as normal, staff will stay in place with full pay and benefits, and services won’t change for patients or residents.

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They’ve secured $30 million in new financing to help keep things steady during the process, along with cash on hand and regular revenue.

So if you’ve got a loved one at a Genesis facility in Maine, there’s no immediate change coming.

When we hear more on this story, we will pass the information on to you.