By Dr. Ileana Johnson Paugh —— Bio and Archives--March 9, 2018
One of the largest nursing home chains in the U.S., HCR ManorCare Inc. has filed for bankruptcy protection on March 4, 2018 in the Bankruptcy Court in Wilmington, Delaware. Quality Care Properties Inc., HCR’s landlord, will take control of the company.
The private-equity firm Carlyle Group owns HCR ManorCare Inc. The departing CEO, Paul Ormond received $115 million in deferred compensation and severance even though HCR is approximately $230 million in debt.
HCR missed numerous rent payments even though Quality Care Properties Inc. agreed to multiple temporary reductions in such payments. Last August QCP took legal action and sued “to replace the company’s management and to appoint a receiver with the power to collect rent.”The Comment section of online publications is the new front in the ongoing Cancel Culture Battle.
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