WILMINGTON, Del. - Genesis Health Ventures Inc., a major U.S. provider of services to the elderly, filed for bankruptcy protection late Thursday, listing $2.33 billion of debt.
Among the creditors listed in court papers were holders of more than $400 million of bonds; Goldman, Sachs & Co. of New York, with $84 million of bank debt; Bank of America in Charlotte, N.C., $67.7 million; Bankers Trust Co. of New York, which was bought last year by Deutsche Bank AG, $62.5 million; Mellon Bank of Pittsburgh, $62.5 million; First Union National Bank of Charlotte, $56.8 million; and Citibank of New York, $41.6 million.
The Kennett Square, Pa., company also listed $2.46 billion of assets.
The troubled company has about 34,000 employees and operates more than 300 nursing facilities in 17 states with partner Multicare Cos., which also sought court protection.
Genesis and Multicare said heavy cuts in the federal government's Medicare reimbursements forced it into bankruptcy. "Chapter 11 protection ensures that employees can focus their attention on serving our customers while we restructure," said a statement by Michael Walker, Genesis chairman and chief executive.