Home hygiene and hospice provider Intrepid USA recently filed for bankruptcy.
The company filed a Chapter 7 bankruptcy petition in late May in the Southern District Court of Texas, according to court documents. Adam Stein-Sapir, a bankruptcy expert at Pioneer Funding Group LLC, says the Chapter 7 bankruptcy filing will result in a straight liquidation.
“(Chapter 7) There is no hope of rehabilitation,” he told Home Health Care News. “The debtors know they're leaving bankruptcy. They're using the protections of the bankruptcy code to participate in bankruptcy, carrying out liquidation that monetizes assets and distributes revenue.”
Pioneer Funding Group is a New York-based investment company that provides liquidity to creditors of bankrupt companies.
In 2024, New Day Healthcare acquired Intrepid USA's hospice business in Missouri and Texas.
Prior to these sales, Dallas-based Intrepid USA operated more than 60 home hygiene and hospice locations in 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 generated no revenue in the 2025 calendar year.
“It appears the business was sold and closed before the filing,” Stein-Sapir said. “This is a kind of shell. The company has a certain amount of debt, and the purpose of the banker filing it is to resolve the prolonged debts being paid by all these different entities.”
According to Stein-Sapir, it appears that Intrepid USA filed for bankruptcy after selling all of its assets, but companies usually file for bankruptcy before completing the sale of the 363 court-supervised. This allows the company to exclude legacy liabilities for free from assets.
Intrepid USA did not respond to HHCN's request for comment.
Roughly, healthcare saw an increase in bankruptcies in 2023 and 2022, but in-home care bankruptcies appeared to remain low.
However, according to Gibbins Advisors principal Ronald Winters, the home care company may have gone bankrupt in recent years, but it could be much smaller.
“This does not mean that the home healthcare providers did not go bankrupt,” Winters previously told HHCN. “What that means is that (the business that filed for bankruptcy) may not meet the scale threshold. We only focus on organizations that have over $10 million in debt, such as employees, vendors, banks, creditors.
