Skilled Nursing News reported that a federal bankruptcy judge approved HCR ManorCare’s prepackaged Chapter 11 plan to emerge from bankruptcy under the ownership of its landlord, Quality Care Properties (QCP).  QCP will lose its status as a real estate investment trust (REIT).  The action means ManorCare is the largest long-term care chain which operates 295 skilled nursing and assisted living facilities to go through the process over the last decade, according to Reuters.

Under the new management team, ManorCare will begin the process of selling off 74 facilities, as previously reported.   The judge’s approval also means that former CEO Paul Ormond’s sizable payout will go forward as planned, with Reuters pegging the final total at $116.7 million.

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