By Daily Mail (U.S.) | Created at 2025-03-12 17:01:27 | Updated at 2025-03-12 21:48:20
4 hours ago
A major hospital chain owner which operates specialty hospitals in the Midwest and South has filed for Chapter 11 bankruptcy.
Landmark operates six facilities across Florida, Missouri and Georgia.
The company filed for bankruptcy in Florida on March 9 with debts of between $50 million to $100 million.
It is the latest major hospital chain owner to file for bankruptcy this year.
Prospect Medical Holdings, which operates 16 hospitals and over 150 clinics across four states, filed for bankruptcy in Texas in January.
The company said at the time it had plans to offload several hospitals. Currently, officials in Pennsylvania are fighting to keep facilities open in the state.
It is not yet known whether Landmark plans to close any hospitals as part of its bankruptcy proceedings, or if facilities will continue to operate as normal.
According to the bankruptcy filing, the company's largest unsecured creditor is Ventas, a real estate investment trust which specializes in healthcare facilities, which is owed $13 million.
A major hospital chain owner which operates specialty hospitals in the Midwest and South has filed for Chapter 11 bankruptcy
Landmark Holdings LLC, run by CEO Bryan Day, runs specialty hospitals in three states
Landmark Holdings of Florida LLC filing indicated that no funds would be available to distribute to unsecured creditors after administrative expenses are paid, according to The Street.
The chain, which is run by CEO Bryan Day, runs specialty hospitals including Landmark Hospital of Joplin, Missouri, which is an acute long-term care facility.
In Missouri, it also runs Landmark Rehabilitation Hospital of Columbia, which provides rehabilitation and extended care for medically complex patients, and Landmark Hospital of Cape Girardeau.
This facility also provides long-term acute care for patients requiring extended recovery periods.
In Georgia, Landmark also runs similar facilities in Athens and Savannah.
It also operates Landmark Hospital of the Southwest in Lehigh Acres, Florida.
According to the bankruptcy filing, the company has $10 million to $50 million in assets.
Alongside Ventas, the company's largest unsecured creditors also include Center for Medicare & Medicaid Services, which is owed over $6.4 million and J&R Fuller LLC, a hospital pharmacy management company, which is owed over $3.2 million.
Landmark Holdings of Florida LLC operates Landmark Hospital of Savannah
Landmark Hospital of Cape Girardeau in Missouri provides specialized long-term acute care for medically complex patients
Problems at Landmark come after Prospect Medical Holdings filed for bankruptcy in January, and less than a year after the collapse of Steward Health Care, a major hospital system backed by private equity.
Steward, which owned more than 30 hospitals across eight states, was reported by CBS to have been drained of hundreds of millions of dollars by private equity investors, potentially contributing to shortages of life-saving medical equipment.
Prospect Medical, which operated clinics across California, Connecticut, Pennsylvania and Rhode Island, was once an active buyer of struggling hospitals.
Along with Steward, Prospect Medical has also been a focus of investigations by CBS into how how private equity investors have extracted millions from community hospitals.
Both Prospect Medical and Steward relied on the value of their hospital real estate to help pay for large payouts for their owners.
The Steward bankruptcy drew government scrutiny and prompted debate about the regulation of private-equity owned hospitals whose failure could lead to devastating consequences for local communities.
