Lenders to Jordan Health Services, a Dallas-based home healthcare provider, have hired restructuring advisers in anticipation of negotiations on the company’s debt as it struggles with rising labor costs, WSJ Pro Bankruptcy reported. Jordan Health, which in 2018 combined with two other home health service providers, is grappling with the pressures of rising wages and the challenges of a merger integration process as well as about $1 billion in debt, the people also said. A group of senior lenders have hired law firm Gibson Dunn & Crutcher LLP and financial adviser PJT Partners Inc. The 2018 combination brought together the holdings of two private-equity firms. Kelso & Co., which owned Jordan Health, merged it with Blue Wolf Capital Partners’ Great Lakes Caring and National Home Health Care. The company’s attempt to stitch together the three operations has hit some bumps and weighed on its performance, people familiar with the matter said. Lenders are early in the process of assessing their options, and they could agree to a restructuring outside of bankruptcy. Jordan’s senior loans started sliding in March, trading down to just over 70 cents on the dollar on Wednesday from over 81 cents in mid-March, according to data provider IHS Markit.
