Senior Living Firm Petersen Health Care Plans Bankruptcy Filing
- Company has more than a dozen locations in receivership
- Lenders allege that company is in default on its debt
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Petersen Health Care Inc., which runs around 100 nursing homes and assisted living facilities in the US Midwest, is preparing to file for Chapter 11 bankruptcy in the coming weeks, according to people with knowledge of the matter who asked not to be identified because the matter is private.
The Peoria, Illinois-based company has had more than a dozen of its locations put into receivership in recent weeks, according to court papers. Chapter 11 consolidates litigation and creditors into one venue, and allows the company to continue operating while it develops a plan to repay its debts.