Core Insights - The rate of bankruptcy filings in the health care sector has significantly decreased in 2025, with only 18 filings reported as of early October, compared to 57 in 2024 and 79 in 2023 [1][2][9] Bankruptcy Filings Overview - The current filings in 2025 represent less than one-third of the petitions filed in the previous year, indicating a notable decline in bankruptcy activity within the industry [1][2] - The annual average of bankruptcy filings from 2019 to 2022 was 42, and the current filings are less than half of this average [2] Major Filings in 2025 - Genesis Healthcare Inc. filed for Chapter 11 bankruptcy on July 9, 2025, with over $708 million in secured debt and more than $1.5 billion in unsecured debt [3] - ModivCare Inc. and 70 affiliates filed for prearranged Chapter 11 bankruptcy on August 20, 2025, aiming to reduce $1.4 billion in debt due to an unsustainable capital structure and deteriorating liquidity [4] Specific Company Bankruptcy - Navidea Biopharmaceuticals Inc. filed for Chapter 11 protection on October 1, 2025, citing financial distress from litigation and supply chain issues, with assets between $1 million and $10 million and liabilities between $10 million and $50 million [5][6] - The company reported $1.2 million in assets and $12.8 million in liabilities as of August 31, 2025, with significant unsecured creditors including Winstead PC and Fredrickson & Byron P.A. [6] Financing and Operations - Navidea is seeking approval for up to $940,000 in debtor-in-possession financing from its secured creditor, who is also a board member, to address its financial challenges [7] - The company specializes in precision medicine, developing products like Lymphoseek, which aids in diagnosing metastatic cancers [8]