Plano-based Nursing Home Chain Files Bankruptcy Due to ‘overwhelming Amount’ of Lawsuits

The Plano-based operator of one of the nation’s largest nursing home chains filed for bankruptcy Monday citing an “overwhelming amount” of lawsuits and huge legal payouts. Preferred Care Partners, headquartered on 5420 W. Plano Parkway, noted a $28 million verdict in October for a personal injury claim. But the company also has more than 160 other pending lawsuits, mainly in Kentucky and New Mexico, the court documents said.Preferred Care operates over 110 skilled nursing, assisted living and independent living facilities in 12 states, including Texas, Oklahoma and Louisiana. Its facilities include about 11,500 beds and serve around 9,300 residents, according to the filing this week in the Northern District Court of Texas.  Continue reading...