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HCR ManorCare – Plan Becomes Effective

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July 26, 2018 – HCR ManorCare’s First Amended Chapter 11 Plan of Reorganization became effective and the Company emerged from Chapter 11 protection [Docket No. 291]. The U.S. Bankruptcy Court confirmed the plan on June 21, 2018 [Docket No. 252]. As previously reported, “The Effective Date of the Plan is contingent upon, among other things, the satisfaction or waiver of the conditions precedent to the consummation of (i) the Alternative Transaction pursuant to the Alternative Plan Sponsor Agreement, executed by the Debtor, QCP, ProMedica, and Meerkat I LLC, dated as of April 25, 2018, the ‘Alternative Plan Sponsor Agreement’), which sets forth detailed terms and conditions for the transfer of the Company’s equity to ProMedica Sub (or its designee(s)), or in the event the closing of the Alternative Transaction fails to occur, (ii) the Original Transaction pursuant to the Original Plan Sponsor Agreement, executed by the Debtor, QCP, HCP Mezzanine Lender, LP and the lessors identified therein, dated as of March 2, 2018 and including all schedules and exhibits thereto, the ‘Original Plan Sponsor Agreement’), which sets forth detailed terms and conditions for the transfer of the Company’s equity to QCP. On the Effective Date, HCR III will either enter into the Alternative Master Lease with Meerkat I LLC (or its designee(s)) (if the Alternative Transaction closes) or the Original Master Lease Amendment (if the Alternative Transaction does not close and the Original Transaction closes)….The ProMedica Plan Contribution will be in an amount sufficient to pay the Allowed Credit Facility Claims in full, the Agreed Rent Deferral Obligation owed to the Holders of the QCP Claims, and $50 million to current equity holders of the Debtor.” This privately-held Company, which provides short-term, post-hospital and long-term care services for individuals who are discharged from the hospital and require additional nursing and rehabilitation care in the U.S., filed for Chapter 11 protection on March 4, 2018, listing more than $4.2 billion in pre-petition assets.

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The post HCR ManorCare – Plan Becomes Effective appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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