The still difficult operating environment of the global pandemic is forcing several other living and care facilities for the elderly to file for bankruptcy or to announce closure plans.
A New Hampshire seniors community is the latest to file for Chapter 11 bankruptcy in order to execute its Skokie, Ill., Sale to Covenant Living Communities & Services. Hillside Village Keene, a non-profit organization that provides assisted living, memory care and skilled nursing services, cited financial problems following the COVID-19 pandemic when she filed her case on Monday, according to a report in Sentinel Keene.
Covenant Living plans to pay $ 33 million for Hillside Village, according to court documents.
Last week, a nonprofit that owns senior residences funded by municipal bonds in Georgia and Alabama also filed for bankruptcy, threatening to impose losses on bondholders. Subsidiaries of Regional Housing and Community Services Corp. issued about $ 50 million in municipal bonds issued through the Wisconsin Public Finance Authority, according to a report by Bloomberg. The company, which is affiliated with for-profit operator ALG Senior based in Hickory, North Carolina, has retained GGG Partners as a restructuring advisor, according to its filing with the U.S. North District Bankruptcy Court. from Georgia.
Finally, a nursing home in Maine on Monday announced plans to close in October after nearly 40 years of operation. Island Nursing Home & Care Center executives said in a press release that the challenge of finding qualified staff over the past decade has become too difficult, mainly due to the lack of affordable housing near the facility.
âNow, due to the COVID-19 pandemic, the national health workforce crisis has reached a critical point. Facilities like ours can no longer find qualified personnel, âthe board said in the statement. âFor the INH, it is no longer a question of location or funding. â¦ There is simply not enough qualified staff available in a rapidly declining health care workforce. We have spent months exhausting all the staff resources at our disposal and starting this fall we will no longer be able to meet our minimum staffing requirements. “