Home Health & Hospice Week

Industry Note:

SNF HHAs Change Hands

Nursing home chain HCR ManorCare is filing Chapter 11 bankruptcy and handing over ownership and management - including of its home health and hospice business units - to its landlord Quality Care Properties Inc., the two companies say in a release.

As part of the bankruptcy deal, Toledo, Ohio-based HCR has agreed to pay former CEO Paul Ormond more than $115 million in deferred compensation and severance, reports The Wall Street Journal. HCR, which is owned by private equity firm Carlyle Group, was behind on rent to QCP, a publicly traded real estate investment trust, for nearly a year, the Journal notes. QCP sued HCR in August and the two then negotiated terms.

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