Seven Counties opts for bankruptcy, cites pensions

Published April 5, 2013 3:21pm ET



LOUISVILLE, Ky. (AP) — A nonprofit organization that provides behavioral health and development services in the Louisville area has filed for bankruptcy. Company officials cited unsustainable mandatory employer contribution rates to the state retirement system as the reason.

Seven Counties Services filed for protection from creditors on Thursday in federal bankruptcy court in Louisville. Company spokesman Dean Johnson said Seven Counties projects an operating loss of more than $2 million for the fiscal year ending July 1.

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