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HCR Manorcare Files Ch. 11 To Wipe Out $445M In REIT Debt

Law360 (March 5, 2018, 6:23 PM EST) -- Senior health care provider HCR ManorCare Inc. has filed a prepackaged bankruptcy in Delaware that will wipe out $445 million in unpaid rent owed to Quality Care Properties, in exchange for the real estate investment trust taking over the company.

Toledo, Ohio-based HCR employs more than 50,000 people and operates three main business lines — long-term care, outpatient rehabilitation and home health care — through more than 300 wholly-owned subsidiaries. None of the subsidiaries filed for bankruptcy alongside the parent company.

In a disclosure statement filed...
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