Parent Company of ManorCare Health Services Nursing Home Chapter 11 Bankruptcy
The parent company of ManorCare Health Services, HCR ManorCare, Inc., filed for Chapter 11 bankruptcy protection in Delaware on Sunday night, March 4, 2018. The filing was part of a a deal to transfer ownership to the company which has served as its landlord for the past several years: Quality Care Properties, Inc.
In its initial bankruptcy court filing, HCR ManorCare disclosed $7.1 billion dollars in debt. It had previously fallen behind on its rent payments to its landlord as of April, 2017. Upon confirmation of the Chapter 11 bankruptcy plan, Quality Care Properties, Inc. will assume ownership and begin the operation of the approximately 289 nursing homes in the United States.
Quality Care Properties, Inc. is a publicly traded company on the New York Stock Exchange. The deal worked out with HCR ManorCare included a settlement with the company’s former chief executive officer, Paul Ormond, who claimed he was owed more than $100 million dollars when he left the company in September of 2017.
In addition to ManorCare Health Services, a 120 bed skilled nursing facility located at 1450 East Venice Avenue in Venice, Florida, HCR ManorCare, Inc. also owns several other nursing homes and an assisted living facility in Sarasota County. It remains to be seen as to what effect, if any, the filing of the Chapter 11 bankruptcy will have on the business operations of the company’s local nursing homes and assisted living facility.
Other Local Nursing Homes and an Assisted Living Facility Owned by Bankrupt Company, HCR ManorCare, Inc., include:
ManorCare Health Services Sarasota, 5511 Swift Road, Sarasota, FL, Heartland Health Care & Rehabilitation Center, 5401 Sawyer Road, Sarasota, FL, Heartland Health care Center – North Sarasota, 3250 12th Street, Sarasota, FL and Arden Courts of Sarasota, 5509 Swift Road, Sarasota, FL.
It also remains to be seen whether the new company that will eventually assume ownership and control of the ManorCare branded facilities will ultimately change the names under which these entities are operated. ManorCare has had a long-time presence in the community and a with that presence, a certain brand awareness, for better or worse, associated with its name recognition.
If you have questions regarding a local nursing home or assisted living facility, call Jim for a free, confidential consultation at (941) 485-7600.
If you have questions regarding the care or treatment received by a loved one at a ManorCare nursing home in Sarasota or Venice or at Arden Courts of Sarasota, please feel free to call me for a free, confidential consultation. I represent victims and their families in cases of nursing home and assisted living facility abuse and neglect on a contingency fee and cost basis. This means that any fees and costs are simply deducted from the recovery if and when the a recovery is made. Frequent signs of abuse and neglect include: falls with fractures and other injuries, bed sores, weight loss, dehydration, infections, pneumonia, and unexplained injuries or death. (941) 485-7600.