Home health and hospice provider Intrepid USA has recently filed for bankruptcy.
The company filed a petition for Chapter 7 bankruptcy in the Southern District Court of Texas in late May, according to court documents. Filing for Chapter 7 bankruptcy results in a straight liquidation, according to Adam Stein-Sapir, a bankruptcy expert at Pioneer Funding Group LLC.
“[With Chapter 7] there’s no hope of rehabilitation,” he told Home Health Care News. “The debtor knows that they’re not going to emerge from bankruptcy with a go-forward business or property, and they’re really entering bankruptcy utilizing the protections of the bankruptcy code to conduct a liquidation where they’re going to monetize their assets and then distribute the proceeds.”
Pioneer Funding Group is a New York-based investment firm that provides liquidity to creditors of bankrupt companies.
In 2024, New Day Healthcare acquired Intrepid USA’s hospice operations in Missouri and Texas.
Prior to these sales, Dallas-based Intrepid USA operated more than 60 home health and hospice locations across 17 states.
In 2023, Intrepid USA generated $90 million in revenue, and $50 million in revenue in 2024, according to the bankruptcy filing. The company did not generate any revenue in the 2025 calendar year.
“It looks like the business had been sold and shut down prior to the filing,” Stein-Sapir said. “This is kind of a shell. The company has certain debts, and the purpose of the bankers who are filing it is to resolve any lingering debts that are owed by all these different entities.”
While it appears that Intrepid USA filed for bankruptcy after selling all of its assets, according to Stein-Sapir, companies typically file for bankruptcy before completing a 363 sale supervised by the court. This allows the company to sell the assets free and clear of legacy liabilities.
Intrepid USA did not respond to HHCN’s request for comment.
Broadly, health care saw a rise in bankruptcies in 2023 and 2022, though home-based care bankruptcies seemingly remained low.
However, it is possible that home-based care companies did experience bankruptcies in recent years, but on a much smaller scale, according to Ronald Winters, principal at Gibbins Advisors.
“This doesn’t mean home health organizations didn’t go bankrupt,” Winters previously told HHCN. “What it may mean is that [the business that filed for bankruptcy] may not have met the size threshold. We only focused on organizations that had $10 million of liabilities or more, meaning liabilities to employees, vendors, banks, creditors, all of that. I think there’d be a lot of [home-based care] companies that are under that threshold.”
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