KidsPeace Opts For Ch. 11 Amid $100M In Pension Plan Costs

Law360, Los Angeles (May 21, 2013, 8:28 PM EDT) -- KidsPeace Corp., which operates a psychiatric facility for children, filed for bankruptcy in Pennsylvania on Tuesday due to more than $100 million in pension plan obligations and rollbacks to Medicaid, its largest provider of funds, according to the nonprofit's Chapter 11 filing.

Starting in early 2008, the nonprofit and its subsidiaries — which also run youth-centric educational services and treatment programs in Georgia and Maine — laid off roughly one quarter of their 2,300-employee workforce, reduced salaries by up to 10 percent and froze their pension...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.