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Healthcare & life sciences coverage - ElevenFlo

Healthcare & life sciences coverage

111 articles

Week of May 11, 2026

GenesisCare: $1.7 Billion Cross-Border Chapter 11, 363 Sale and ROW Reorganization

GenesisCare filed SDTX chapter 11 June 2023 with $1.7B in funded debt. The Australian oncology operator pursued a 363 sale of its U.S. business alongside a reorganization of its Australian, U.K., and Spanish operations. Plan effective February 2024.

Week of May 4, 2026

St. Margaret's Health: Illinois Hospitals' Chapter 11 Ends in $38M OSF Sale

St. Margaret's Health (Peru and Spring Valley, Ill.) filed chapter 11 Aug. 2023 after rural hospital closures. The Peru campus sold to OSF Healthcare for $38M; a Creditor Trust is resolving SVCB setoff disputes and pending distributions.

Heywood Healthcare: Plan Cuts $12M Secured Debt, Funds Liquidating Trust

Heywood Healthcare and six affiliates filed chapter 11 in D. Mass. on Oct 1, 2023 under MassHealth recoupment pressure. The plan, confirmed Sept 30, 2024 and effective Oct 1, 2024, wrote down $12M+ of secured debt, funded a $10M GUC trust, and closed a $5M superpriority exit revolver.

Center City Healthcare: Liquidation Plan and the Hahnemann Wind-Down

Center City Healthcare and 13 affiliates filed chapter 11 in D. Del. on June 30, 2019 to wind down Hahnemann and sell St. Christopher's. Plan confirmed Feb 25, 2026; MidCap DIP repaid from STC sale; $57.2M Tenet/Conifer claim subordinated; GUC recovery projected 2.7%-5.8%.

SiO2 Medical Products: Oaktree Equitization, Cancelled Auction, and Founder Litigation

SiO2 Medical Products filed chapter 11 in Delaware March 2023 with $430M in debt. Oaktree equitized its first lien in a $350M plan confirmed July 2023 after no auction bids. Founder Abrams's fraud claims against ATHOS investors continue in state court.

Novation Companies: Prepackaged Second Chapter 11 Preserves $731M NOL Stack

Novation Companies and three affiliates filed a prepackaged chapter 11 in Delaware on August 13, 2023 — the corporate group's second chapter 11 — exchanging $97.8M of secured note debt for equity and preserving $731M of NOLs. The plan confirmed in 54 days; cases closed March 3, 2026.

Senior Care Centers: Texas Skilled Nursing Chapter 11 Freefall

Senior Care Centers, then Texas's largest skilled nursing operator with 97 facilities and ~13,000 beds, filed chapter 11 in December 2018 without DIP financing. The case ran on cash collateral, wound down via OTA transfers, and confirmed a joint debtor/UCC plan effective March 2020.

Purdue Pharma: $7.4 Billion Plan Goes Effective, Knoa Pharma Begins Operations

Purdue Pharma's chapter 11 plan went effective April 1, 2026, completing a six-year mass-tort restructuring. The $7.4 billion Sackler settlement and $8.344 billion DOJ resolution are now operative. Knoa Pharma LLC began operations May 1 as the public-benefit pharmaceutical successor.

Week of April 27, 2026

John Fitzgibbon Memorial Hospital Files Chapter 11 Targeting $8.6M Sale to Strawberry Fields REIT

Fitzgibbon Hospital filed chapter 11 in W.D. Missouri on April 21, 2026, proposing an $8.6M asset sale to Strawberry Fields REIT with no debtor-in-possession financing. A preference adversary challenges BNY Mellon's cash-collateral lien, filed only 86 days before the petition.

Week of March 30, 2026

Genesis Healthcare: Insider Sale Rejected in $2.2B Nursing Home Bankruptcy

Genesis Healthcare, once the largest U.S. skilled nursing operator with 175 facilities and 27,000 employees, saw its chapter 11 insider sale rejected over "irregularities." A new auction has been ordered.

Week of March 23, 2026

Zynex Files Chapter 11 After TRICARE Suspends Payments; Noteholders Take Full Equity in 94 Days

Zynex, a publicly traded Colorado medical device maker (ZYXI), filed chapter 11 Dec. 15, 2025 in S.D. Tex. after TRICARE suspended payments covering 20-25% of revenue. A $22.3M DIP from convertible noteholders backs a plan sponsor process with a $49.6M credit bid floor and Feb. 2026 deadlines.

Zymergen: Ginkgo Sale and 56% Trust Recovery

Zymergen filed chapter 11 in Delaware after commercialization failures, litigation, and cash burn. The case produced asset sales to Ginkgo Bioworks and Pivot Bio, then a liquidation trust that had paid 56% of allowed unsecured claims as of December 31, 2025.

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