Peoria long-term care facility owner Petersen Health Care is filing for Chapter 11 bankruptcy.
The petition was filed this week in the U.S. Bankruptcy Court for the District of Delaware on Wednesday.
Petersen is facing multiple foreclosure lawsuits from its creditors for some $55 million in debt nonrepayment, and more than a dozen of its facilities were placed in receivership.
In court documents, Petersen Health Care claims both assets and debts valued somewhere between $100 million to $500 million.
The company said in a statement that it has secured $45 million in financing to support normal operations during restructuring.
Petersen Health Care claims to employ some 6,000 people in facilities scattered throughout Illinois, Iowa, and Missouri.
Company chief restructuring officer David Campbell said Petersen will emerge from bankruptcy as a stronger company with a "more flexible capital structure."
