Latest news with #GenesisHealthCare
Yahoo
4 days ago
- Business
- Yahoo
Healthcare Services Group Slides on Genesis Bankruptcy
Shares of Healthcare Services Group (NASDAQ:HCSG) took an 8% hit after Genesis HealthCare filed for Chapter 11. HCSG still supports 164 Genesis facilities and expects no interruption to food, environmental or laundry services, even as roughly sixty-four million dollars in receivables sits in limbo. Warning! GuruFocus has detected 7 Warning Signs with HCSG. The bankruptcy will trigger a noncash hit of around sixty-two cents per share in Q2 and a small charge next quarter. CEO Ted Wahl says the news stings but won't derail the company's midsingle-digit revenue growth goal or its plan to generate sixty to seventy-five million dollars of operating cash flow this year. All eyes are on HCSG's Q2 report on July 23. Investors will want to see how quickly the company weathers this setback, replaces lost volume and keeps its growth story intact. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
Genesis HealthCare Sets New Course to Strengthen Future
Strategic decision to restructure debt anchored in mission to provide high quality care, improve lives KENNETT SQUARE, Pa., July 10, 2025--(BUSINESS WIRE)--Genesis HealthCare, Inc., along with its subsidiaries, announced today that it has taken steps to implement a financial restructuring to secure the long-term delivery of its mission. This process is designed to ensure that the Company can continue operating in a seamless manner, while also allowing the Company to address its legacy liabilities associated with previously divested operations. To facilitate the Company's restructuring efficiently and with minimal disruption to ongoing operations, the Company has filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Texas Dallas Division (the "Court"). "We have much to be proud of for the tremendous progress we have made as an organization over the last several years as we have implemented a forward-looking, enterprise-wide shift from centralized to market-based operations," said David Harrington, Executive Chairman of the Genesis HealthCare, Inc., Board of Directors. "Our ongoing work has confirmed that, to maintain our momentum, we must address our legacy debt structure. The goal of this filing is to emerge a stronger, healthier company poised to exceed our goals for clinical and operational excellence." Chapter 11 of the U.S. Bankruptcy Code guides how a company can restructure its debt while continuing to operate normally during the reorganization. Subject to Court approval, the Company has secured a commitment of $30 million in debtor-in-possession (DIP) financing, from its existing secured lenders. This DIP financing, combined with cash on hand and cash flow generated from ongoing operations, will support the business to satisfy its ongoing obligations, and enable the Company to remain focused on delivering quality care during the Court-supervised process. Importantly, the filing includes provisions to ensure that staff will retain their positions, pay and benefits so that patients and residents will continue to be served by the providers they trust. Vendor agreements will remain in place while the process moves forward. "We believe this financial reorganization is a necessary step for our organization to sustainably deliver on our mission of improving lives through delivery of high-quality healthcare and everyday compassion," said Lauren Murray, Genesis HealthCare Chief Operating Officer. "We assure all those who rely on us for care that we remain fully focused on and committed to providing the high-quality care you have come to expect, and we thank you for your continued confidence. This process is designed to ensure that we can continue to deliver on that commitment. We also are grateful for our talented staff and their dedication to excellence, which has positioned Genesis HealthCare for continued growth and a bright future." Court filings and additional information related to the proceedings, which include a proposed transaction involving a current affiliate, are available at The proposed transaction is subject to higher bidding and court approval, and would result in the current affiliate acquiring the Company's operations. Those with further questions can call (toll-free in the US) 888-861-3979. Advisors McDermott Will & Emery LLP is serving as legal counsel, Ankura Consulting is providing financial restructuring and Chief Restructuring Officer services (Russell A. Perry and Louis E. Robichaux IV, Co-CROs), and Jefferies is serving as exclusive investment banker. ABOUT GENESIS HEALTHCARE, INC. Genesis HealthCare, Inc. is a holding company with affiliates that operate skilled nursing facilities and assisted/senior living communities. Its subsidiaries also specialize in contract rehabilitation therapy, respiratory therapy, physician services, and accountable care, collectively referred to as Genesis HealthCare. To learn more, visit View source version on Contacts MEDIA CONTACT mediainquiry@
Business Wire
5 days ago
- Business
- Business Wire
Genesis HealthCare Sets New Course to Strengthen Future
KENNETT SQUARE, Pa.--(BUSINESS WIRE)-- Genesis HealthCare, Inc., along with its subsidiaries, announced today that it has taken steps to implement a financial restructuring to secure the long-term delivery of its mission. This process is designed to ensure that the Company can continue operating in a seamless manner, while also allowing the Company to address its legacy liabilities associated with previously divested operations. To facilitate the Company's restructuring efficiently and with minimal disruption to ongoing operations, the Company has filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Texas Dallas Division (the "Court"). 'We have much to be proud of for the tremendous progress we have made as an organization over the last several years as we have implemented a forward-looking, enterprise-wide shift from centralized to market-based operations,' said David Harrington, Executive Chairman of the Genesis HealthCare, Inc., Board of Directors. 'Our ongoing work has confirmed that, to maintain our momentum, we must address our legacy debt structure. The goal of this filing is to emerge a stronger, healthier company poised to exceed our goals for clinical and operational excellence.' Chapter 11 of the U.S. Bankruptcy Code guides how a company can restructure its debt while continuing to operate normally during the reorganization. Subject to Court approval, the Company has secured a commitment of $30 million in debtor-in-possession (DIP) financing, from its existing secured lenders. This DIP financing, combined with cash on hand and cash flow generated from ongoing operations, will support the business to satisfy its ongoing obligations, and enable the Company to remain focused on delivering quality care during the Court-supervised process. Importantly, the filing includes provisions to ensure that staff will retain their positions, pay and benefits so that patients and residents will continue to be served by the providers they trust. Vendor agreements will remain in place while the process moves forward. 'We believe this financial reorganization is a necessary step for our organization to sustainably deliver on our mission of improving lives through delivery of high-quality healthcare and everyday compassion,' said Lauren Murray, Genesis HealthCare Chief Operating Officer. 'We assure all those who rely on us for care that we remain fully focused on and committed to providing the high-quality care you have come to expect, and we thank you for your continued confidence. This process is designed to ensure that we can continue to deliver on that commitment. We also are grateful for our talented staff and their dedication to excellence, which has positioned Genesis HealthCare for continued growth and a bright future.' Court filings and additional information related to the proceedings, which include a proposed transaction involving a current affiliate, are available at The proposed transaction is subject to higher bidding and court approval, and would result in the current affiliate acquiring the Company's operations. Those with further questions can call (toll-free in the US) 888-861-3979. Advisors McDermott Will & Emery LLP is serving as legal counsel, Ankura Consulting is providing financial restructuring and Chief Restructuring Officer services (Russell A. Perry and Louis E. Robichaux IV, Co-CROs), and Jefferies is serving as exclusive investment banker. Genesis HealthCare, Inc. is a holding company with affiliates that operate skilled nursing facilities and assisted/senior living communities. Its subsidiaries also specialize in contract rehabilitation therapy, respiratory therapy, physician services, and accountable care, collectively referred to as Genesis HealthCare. To learn more, visit
CBS News
26-06-2025
- Health
- CBS News
Faulty air conditioning unit inside Bridgeville care center kitchen causing safety issues, employees say
Workers at a Pittsburgh-area rehabilitation and care center say if you think the heat outside is bad, for them, the inside is even worse. A malfunctioning air conditioning unit inside the Genesis Bridgeville Rehabilitation and Care Center has caused several issues for staff inside the kitchen. "You're only focused on, 'I'm going to go sit in the freezer, it's hard to get work done,'" one employee who wished to remain anonymous for fear of losing their job told KDKA-TV. "Sometimes, I'm cooking, [and] you don't want to sweat in the food," the employee said. "We got a dual oven that's at least 350 degrees for over 12 hours, you got that, you got steam tables that are over 100 degrees, you have holding ovens." At least a dozen people work in the kitchen, and their ages range from 24 to 73 years old. Shifts are eight hours long. Employees say there is an industrial fan, but it only does so much to quell the heat. "You sweat all day, some people feel like they are dehydrated, we drink as much water, but when you're in your 70s and standing over a steam oil table, it's pretty brutal." Other workers say the issues go beyond the kitchen. Before the recent hot spell, they claimed the air conditioning wasn't working in certain parts of the building. Genesis HealthCare Incorporated owns the facility. KDKA-TV contacted the property and spoke with someone from the maintenance team. They confirmed that there are issues with one of the HVAC systems in the kitchen, adding that there are two units, one of which is pushing out hot air. Officials told KDKA-TV that the one AC unit that isn't broken only supplies air through two vents. KDKA-TV also reached out to the administrator of the center to ask about repairs or a replacement of the unit, but didn't hear back. Workers say this needs to be addressed as summer has just begun. "I think that Genesis needs to care about their employees," the employee said.
