Rochester Manor, the operator of three nursing homes across western Pennsylvania, struggled for years to pay its employees, fill all available beds and provide care that met Medicaid standards, with cash-flow issues and unpaid taxes and rent driving it into Chapter 11 protection earlier this month.
A group of experts that advises Congress on bankruptcy matters is making a renewed push for a new chapter of the Bankruptcy Code to combat an increase in what one judge has called "bankruptcy tourism," as debtors are increasingly looking abroad to avoid costly Chapter 11 filings.
Latvian carrier airBaltic filed for Chapter 11 protection with more than $1 billion in liabilities, following a sharp rise in jet fuel prices amid the Iran-U.S. conflict. Solar farm operator PGR Lessee I filed for bankruptcy protection, while telecom infrastructure developer Full Circle Fiber filed for Chapter 7, each reporting more than $100 million in debts.