Nursing Home Operator Genesis Healthcare To Restructure

Genesis Healthcare, Inc., which operates nursing homes nationwide, launched a three-part strategic restructuring plan to strengthen its liquidity position and capital structure. The initial steps reduce debt by approximately $256 million and include an immediate $50 million capital investment. The need for restructuring was attributed to financial pressures exacerbated by the coronavirus disease 2019 (COVID-19) public health emergency. Genesis’s Chief Executive Officer Robert Fish said, “The severity of the pandemic dramatically impacted patient admissions, revenues and costs, compounding the pressures of our long-term, lease-related debt obligations.”

In the first step, Genesis agreed to terminate its . . .