79-year-old key health care provider files Chapter 11 bankruptcy

Core Insights - The health care industry is experiencing significant financial distress, leading to an increase in bankruptcy filings as organizations seek to reorganize their businesses [1][2]. Industry Overview - The health care sector has seen a rise in bankruptcy filings, with 79 cases in 2023 and 57 in 2024, compared to an average of 42 filings per year from 2019 to 2022 [2]. Company-Specific Developments - Prospect Medical Holdings filed for Chapter 11 bankruptcy on January 11, 2025, planning to reorganize its medical assets and divest certain facilities [3]. - Landmark Holdings of Florida LLC filed for Chapter 11 bankruptcy on March 9, 2025, to reorganize its operations across three states [4]. - Genesis Healthcare Inc. filed for Chapter 11 bankruptcy on July 9, with over $2 billion in debt, including $708 million in secured debt and $1.5 billion in unsecured debt, and operated 175 nursing facilities [5]. - White-Wilson Medical Center P.A., a 79-year-old multi-specialty physicians group, filed for Chapter 11 bankruptcy to restructure its debt and continue operations [6][7]. Financial Details - White-Wilson Medical Center reported assets between $1 million and $10 million, with liabilities ranging from $10 million to $50 million at the time of filing [9].