PRESS RELEASE
Petersen Health Care (“Petersen” or “The Company”), an operator of nursing homes and assisted living and long-term care facilities in Illinois, Iowa and Missouri, today announced that it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware to facilitate the restructuring of its balance sheet.
Petersen expects to continue to operate its business as normal with funds to support its operations during the restructuring process. The Company announced that it has secured a commitment of $45 million in debtor-in-possession (DIP) financing, subject to required court approval, from lenders that will be used to fund post-petition operating expenses and ensure adequate working capital to meet its obligations to associates and suppliers.
“Petersen will operate as usual, and our team remains committed to continuing to provide first-rate care for our residents,” said David Campbell, the Company’s Chief Restructuring Officer. “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.”
Teams from Getzler Henrich & Associates and Winston & Strawn LLP are working with Petersen Health Care as financial and legal advisors and will continue to support the company during the restructuring process.
Further information on the reorganization process for Petersen is available by visiting the Company’s website, www.petersenhealthcare.net, which will be updated as new information becomes available.
