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BRIEF-Quality Care Properties Enters into forbearance agreement with HCR ManorCare
April 5, 2017 / 4:04 PM / 5 months ago

BRIEF-Quality Care Properties Enters into forbearance agreement with HCR ManorCare

April 5 (Reuters) - Quality Care Properties Inc

* Entered into a forbearance agreement with its principal tenant, Hcr III Healthcare, Llc and its parent HCR Manorcare

* Agreement would require HCR Manorcare to make cash rent payments of $32 million for each of April, May, June of 2017 - SEC filing

* Agreement requires HCR Manorcare to deliver 2016 audited financial statements, auditor consent to QCP not later than april 10, 2017

* To provide HCR Manorcare with temporary secured extension of credit of upto $7 million/month during each of april,may, june of 2017

* During agreement’s term, co, HCR Manorcare intend to engage in discussions concerning long-term restructuring of master lease terms

* 2016 audited financial statements, auditor consent of HCR expected to include ‘going concern’ exception for HCR Manorcare Further company coverage:

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