Genesis Healthcare, Inc. is one of the largest post-acute care providers in the United States, operating skilled nursing facilities providing nursing care, rehabilitation therapy, and support services. Founded in 1985 and headquartered in Kennett Square, Pennsylvania, the company peaked in 2016 as the largest SNF operator with 500+ facilities and 60,000+ beds across 30+ states. At filing, Genesis operated approximately 175 facilities across 18 states, employing more than 27,000 people and serving 15,000+ residents. On July 9, 2025, Genesis and 298 affiliated debtors filed their second Chapter 11 in the Northern District of Texas (Case No. 25-80185) following legacy liabilities from aggressive mid-2010s expansion, approximately $8 million per month in personal injury and wrongful death claim costs (200+ pending lawsuits), COVID-19 aftermath, and deferred capital expenditures. ReGen Healthcare's approximately $200 million investment beginning in 2021 proved insufficient to overcome the liability overhang. At filing, the Debtors carried approximately $708.5 million in secured debt and $1.568 billion in unsecured obligations. Existing term loan lenders provided a $30 million junior DIP facility at 15% PIK. The original ReGen/Pinta Capital stalking horse sale was rejected in December 2025 due to irregularities. A new auction was conducted in January 2026 with Genie 3 Partners as replacement stalking horse, ultimately won by 101 W. State Street Holdings LLC for approximately $996 million ($343 million cash, $100 million promissory note, $572 million assumed liabilities). The sale was approved on January 26, 2026. A plan remains pending.