Texas medical group files for bankruptcy

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Stafford, Texas-based MedCare Pediatric Group and its affiliates filed for Chapter 11 bankruptcy protection on March 1, according to the Houston Business Journal.

In bankruptcy documents, MedCare, a provider of in-home and clinic-based nursing services and therapy, listed its assets as between $500,000 and $1 million and liabilities as between $1 million and $10 million, according to the report.

The pediatric group entered bankruptcy the day before the IRS was slated to file a federal tax lien for employments taxes, which could have caused MedCare to default on certain loans. The tax lien "almost certainly would have made additional financing impossible to obtain," according to bankruptcy documents cited by the Houston Business Journal.

  

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