Senior Care Centers LLC, which operates about 110 facilities in Texas and Louisiana, filed for bankruptcy, blaming “ballooning” rents and “significant cuts” in reimbursements from government agencies and private insurers, WSJ Pro Bankruptcy reported. The Dallas-based company said that it filed for chapter 11 protection on Tuesday to address what it called “burdensome debt levels and expensive leases” at its skilled nursing and assisted- and independent-living facilities. Senior Care is at least the third major health care-facilities operator this year to seek protection from creditors in bankruptcy court; all have cited lease troubles as one reason for the filing. Senior Care also said it faced declining occupancy rates and tighter credit terms from its lenders. The company said that “the immediate cause” for the bankruptcy filing was “liquidity issues,” noting also that comments made by one of its landlords in an earnings call last month put it under pressure from trade creditors and other landlords. Senior Care has total liabilities of $267.9 million, according to court filings. Last year it lost $94.2 million on $910.4 million in revenues, a court filing said.
