May 8, 2019 / 12:44 AM / 19 days ago

New LifeCare Hospitals files for Ch. 11 to press sale

The New LifeCare Hospitals chain of long-term acute care centers sought Chapter 11 bankruptcy protection on Tuesday, succumbing to declining reimbursement rates and aiming to sell its assets or its entire business by mid-July.

The Plano, Texas-based company filed for bankruptcy as Hospital Acquisition LLC in U.S. Bankruptcy Court in Texas, saying in court papers it is in “advanced discussions” with potential stalking-horse bidders that would put a floor on offers.

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