Senior Living Firm Petersen Health Care Files for Bankruptcy

Petersen Health Care Inc., a senior living and skilled nursing company that runs nearly 100 facilities in the US Midwest, filed for bankruptcy as the industry grapples with staffing shortages and high costs.

Petersen listed assets and liabilities of at least $100 million each in a Chapter 11 petition filed in Delaware. The filing protects the company from creditors while it works out a way to repay them.

The Peoria, Illinois-based company has in recent months been sparring with lenders who have accused the firm of defaulting on its debt. Earlier this year, a court ordered more than a ...