(Story courtesy of WVLT News)

Kennett Square, PA (WVLT) Genesis HealthCare, the provider who runs two retirement homes in the East Tennessee region, has filed for bankruptcy. An announcement from the company said the filing shouldn’t impact seniors at Genesis facilities.

“This process is designed to ensure that the Company can continue operating in a seamless manner, while also allowing the Company to address its legacy liabilities associated with previously divested operations,” the announcement said.

Genesis runs two facilities in East Tennessee with a combined 259 beds: Willow Ridge Center in Maynardville with 77 beds for residents and Cumberland Village in LaFollette with 182 beds.

“Our ongoing work has confirmed that, to maintain our momentum, we must address our legacy debt structure,“ the company said further. ”The goal of this filing is to emerge a stronger, healthier company poised to exceed our goals for clinical and operational excellence.”

The company also said it had secured a commitment of $30 million in debtor-in-possession (DIP) financing from lenders.