U.S. nursing home chain HCR ManorCare Inc. won court approval on Friday for a plan to exit a $7.1 billion chapter 11 protection by transferring ownership to its landlord, Quality Care Properties Inc., Reuters reported. Bankruptcy Judge Kevin Gross approved the pre-packaged reorganization that will give Quality Care, with 10 employees and $318 million in annual revenue, control over ManorCare. Toledo, Ohio-based ManorCare has more than 50,000 employees in more than 450 senior living facilities and clinics across the country, with annual revenue of $3.7 billion. ManorCare, which filed for bankruptcy in March, is one of many chains that has struggled to make rent on leases signed before declining Medicaid and Medicare reimbursements started cutting into margins in 2012.
