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U.S. nursing home chain faces landlord showdown over default [View all]
Source: Reuters
#U.S. LEGAL NEWS OCTOBER 16, 2017 / 1:58 PM / UPDATED 4 HOURS AGO
U.S. nursing home chain faces landlord showdown over default
Tracy Rucinski
4 MIN READ
CHICAGO (Reuters) - The fate of one of the largest U.S. nursing home operators, HCR ManorCare, will reach a critical court deadline on Thursday in a battle over months of unpaid rent, a growing problem in an industry where eviction would put thousands of elderly out on the street.
Many nursing home chains spun off their properties to real estate companies over the last decade to unlock value. Now those landlords need to deal with operators behind on their rent without harming thousands of elderly residents.
In a lawsuit filed in August, HCR ManorCare’s landlord, Quality Care Properties Inc, said the chain owes more than $300 million in rent at its 292 skilled nursing and assisted living locations.
ManorCare has until Oct. 18 to respond to the lawsuit Quality Care filed seeking to replace management with a court-appointed receiver who would oversee everything from laundry and meals to patient care at ManorCare’s facilities.
-snip-
U.S. nursing home chain faces landlord showdown over default
Tracy Rucinski
4 MIN READ
CHICAGO (Reuters) - The fate of one of the largest U.S. nursing home operators, HCR ManorCare, will reach a critical court deadline on Thursday in a battle over months of unpaid rent, a growing problem in an industry where eviction would put thousands of elderly out on the street.
Many nursing home chains spun off their properties to real estate companies over the last decade to unlock value. Now those landlords need to deal with operators behind on their rent without harming thousands of elderly residents.
In a lawsuit filed in August, HCR ManorCare’s landlord, Quality Care Properties Inc, said the chain owes more than $300 million in rent at its 292 skilled nursing and assisted living locations.
ManorCare has until Oct. 18 to respond to the lawsuit Quality Care filed seeking to replace management with a court-appointed receiver who would oversee everything from laundry and meals to patient care at ManorCare’s facilities.
-snip-
Read more: http://www.reuters.com/article/us-quality-care-hcr-debt/u-s-nursing-home-chain-faces-landlord-showdown-over-default-idUSKBN1CL2M1
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