A newly formed private equity group will purchase Genesis HealthCare and its 175 nursing facilities, including 11 in Maine, for $996 million after the company entered into bankruptcy protection last year.
A U.S. Bankruptcy Court in northern Texas awarded the sale to 101 West State Street LLC, an affiliate of New Generation Health based in California, in January. The sale will be finalized “this summer or later,” Genesis spokeswoman Nerida Brennan wrote in an email Thursday.
Genesis HealthCare, headquartered in Pennsylvania, filed for Chapter 11 bankruptcy protection on July 9, 2025, to restructure about $2.3 billion in debt.
The goal was to emerge stronger and more efficient, the company officials previously said.
Genesis operates 11 facilities in Maine including Sandy River Center in Farmington and Marshwood Center in Lewiston, as well as Cedar Ridge Center in Skowhegan, Oak Grove Center in Waterville, Sedgewood Commons in Falmouth, Pine Point Center in Scarborough and Springbrook Center in Westbrook.
“Genesis HealthCare is pleased that the result of this competitive, court-supervised process reflects the value this organization has consistently and carefully built over the past few years,” Brennan wrote. “The court’s approval of a sale to 101 W State Street Holdings, LLC, does not change our operations or services, and our teams remain focused on improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.”
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