A Peoria, Ill.-based nursing home chain said it will not foreclose or shut down amid financial struggles, the Peoria Journal Star reported March 19.
Petersen Health Care, which owns 19 facilities, entered the foreclosure agreement with X-Caliber Funding and Capital Funding in two separate federal cases in January. The facilities were placed into receivership and returned to Petersen management, who hired David Campbell as a financial adviser to help it restructure.
"Petersen is going to reorganize," Mr. Campbell told the Journal Star. "The Petersen nursing homes are not in foreclosure, we are not shutting down, we are not going out of business. We will continue to put our residents and patients and employees and communities first, and continue to serve them."
The nursing homes point to inadequate state and federal funding, staffing challenges and the recent Change Healthcare cyberattack leading to financial difficulties.