March 2, 2018 / 3:38 PM / 3 months ago

BRIEF-Quality Care Properties To Take Over Ownership Of HCR Manorcare

March 2 (Reuters) - Quality Care Properties Inc:

* QUALITY CARE PROPERTIES REACHES AGREEMENT WITH HCR MANORCARE TO EFFECT ORDERLY TRANSITION OF SKILLED NURSING, ASSISTED LIVING, HOSPICE AND HOMECARE BUSINESSES TO QCP OWNERSHIP

* SAYS ‍HCR MANORCARE, INC. WILL VOLUNTARILY FILE FOR CHAPTER 11 UNDER UNITED STATES BANKRUPTCY CODE IN COMING DAYS​

* SAYS QCP AND HCR MANORCARE HAVE AGREED TO EFFECT TRANSACTION THROUGH A PREPACKAGED PLAN OF REORGANIZATION

* SAYS ‍BANKRUPTCY COURT APPROVAL FOR HCR EXPECTED DURING Q2

* SAYS POST COMPLETION OF TRANSACTION GUY SANSONE IS EXPECTED TO ASSUME ROLE OF HCR MANORCARE’S CEO

* SAYS ‍FOLLOWING COMPLETION OF TRANSACTION LAURA LINYNSKY EXPECTED TO SERVE AS HCR MANORCARE’S INTERIM CFO

* SAYS HCR ‍TRANSACTION EXPECTED TO BE COMPLETED DURING Q3 OF 2018​

* SAYS ‍QCP’S CLAIMS AGAINST HCR MANORCARE WILL BE EXCHANGED AND RELEASED FOR 100% EQUITY OWNERSHIP OF HCR MANORCARE​

* SAYS ‍CONCURRENT WITH SIGNING OF PLAN SPONSOR AGREEMENT, HCR MANORCARE MADE A RENT PAYMENT TO QCP OF $23.5 MILLION​

* SAYS IN CONNECTION WITH TRANSACTION, QCP EXPECTS TO NO LONGER QUALIFY FOR STATUS AS REAL ESTATE INVESTMENT TRUST

* SAYS ‍AT CLOSING OF TRANSACTION, HCR MANORCARE WILL BECOME A WHOLLY-OWNED INDIRECT SUBSIDIARY OF CO​

* SAYS ‍EXPECTS TO GET RENT PAYMENTS FROM HCR DURING CHAPTER 11 PERIOD IN ACCORDANCE WITH PROVISIONS OF PLAN SPONSOR AGREEMENT​

* SAYS CONTROLLING STOCKHOLDERS OF HCR MANORCARE HAVE SIGNED A RESTRUCTURING SUPPORT AGREEMENT IN SUPPORT OF TRANSACTION Source text for Eikon: Further company coverage:

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