Quality Care Properties, Inc. (NYSE: QCP) on Thursday granted yet another reprieve to its troubled tenant, HCR ManorCare.
The Toledo, Ohio-based skilled nursing provider now has until December 1 to respond to a receivership claim that QCP originally filed in August. It’s the third such delay that the real estate investment trust (REIT) has granted ManorCare since the process began.
The goal, according to the Bethesda, Md.-based QCP, is “to allow for the continuation of workout discussions,” the company announced in a filing with the Securities and Exchange Commission.
ManorCare remains in default under its master lease with QCP after a spring and summer filled with missed rent deadlines. Former CEO Paul Ormond left the provider in September, and was replaced with former chief operating officer Steve Cavanaugh.
By filing for receivership, QCP seeks to install a third-party overseer for ManorCare’s operations, claiming that an outside company would be better suited to assess its challenges. ManorCare, meanwhile, vowed to contest the action.
Written by Alex Spanko