A major nursing home operator that owes money to a pair of REITs has filed for bankruptcy.
Pennsylvania-based Genesis HealthCare owns 175 nursing facilities across the country, but the company said that due to financial hardships in recovering from the pandemic and a rise in litigation, it had to file for bankruptcy, The Wall Street Journal first reported.
The financial hurdles include an $8M-per-month settlement and defense costs over injury and death claims. One instance included the company’s Quinnipiac Valley Center in Connecticut having to be shut down due to safety concerns after the deaths of two residents in 2022.
ReGen Healthcare, another nursing home operator, has entered…