Genesis Healthcare Inc., along with its subsidiaries, has taken steps to implement a financial restructuring, according to a statement.
- Co. has secured a commitment of $30 million in debtor-in-possession financing, from its existing secured lenders, subject to court approval
- DIP financing, combined with cash on hand and cash flow generated from ongoing operations, will support the business to satisfy its ongoing obligations
- Filing includes provisions to ensure that staff will retain their positions, pay and benefits
- Vendor agreements will remain in place
- Estimated liabilities of $1b-$10b, estimated assets of $1b-$10b, according to Northern Texas court document
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