Pensacola, Fla.-based Gulf Coast Health Care, which operates 27 nursing skilled nursing and long-term care facilities in three states, aims to keep its facilities open and employees in place after entering Chapter 11 bankruptcy, WEAR reported Oct. 22.
The company filed for bankruptcy Oct. 14. At that time, it had assets of less than $50 million and liabilities ranging from $100 million to $500 million. The company owes $49 million in rent to Omega Healthcare Investors, according to The Wall Street Journal.
Gulf Coast Health Care is experiencing decreased occupancy levels at some of its facilities and facing staff retention challenges, according to documents prepared by the company's restructuring officer cited by WEAR.