Nursing home operator LaVie Care Centers LLC hit Chapter 11 on Monday in Georgia with $1.1 billion in debt, saying it has not been able to recover from the COVID-19 pandemic.
At one point the largest nursing home operator in the country, LaVie operates 43 nursing homes, having shut down 71 other facilities in the past twelve months, according to a first-day declaration from Chief Restructuring Officer Benjamin Jones. It is also significantly behind on rent and has entered Chapter 11 with debtor-in-possession financing from its largest landlord, Omega Healthcare Investors, Inc.
LaVie has $682 million in secured debt and $498 million in unsecured debt, according to the declaration.
LaVie has divested from all but one of its Florida nursing homes after its operations in the state were in the red by $133 million across 2022 and 2023, according to the declaration. It now operates in 5 states and employs 3,600 workers, according to the declaration.
LaVie previously filed for bankruptcy in 2021 in Delaware.
