Vanguard Healthcare, a Brentwood, Tenn.-based operator of skilled nursing and rehab facilities, has filed for chapter 11 protection, the Nashville Business Journal reported today. The company said that the petition to restructure its debt, filed May 6, "comes after months of working unsuccessfully to restructure unfavorable loan terms with a single lender." There are two filings associated with the company, one referring to Vanguard Healthcare and the other referring to Vanguard Healthcare Services. Both describe the company as having between $50 million and $100 million in liabilities and between $100 million and $500 million in assets. The first filings lists $28,551 in claims against the company, the largest ($22,287) from a West Virginia law firm. The second lists $254,074 in claims, the largest ($41,185) from a California investment bank. Read more.
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