Restora Healthcare, an operator of two long-term acute care hospitals and skilled nursing facilities in Phoenix, announced it has filed for chapter 11 protection to recapitalize and reorganize its business, the ABL Advisor reported yesterday. Restora’s secured lender, Healthcare Finance Group will continue its support of Restora with court-approved funding for Restora’s payroll, suppliers, staff physicians and others during the bankruptcy. Restora’s current revenue-cycle management firm, Acuity Healthcare, has agreed to invest new capital in the business and has been contracted to provide management services upon emergence from the reorganization process.
