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January 2, 2014
16:03 EDTFVEFive Star Quality completes disposition of rehab hospitals
Five Star Quality Care announced that effective December 31, it has transferred the operations of two rehabilitation hospitals, New England Rehabilitation Hospital located in Woburn, MA and Braintree Rehabilitation Hospital located in Braintree, MA, plus several leased in-patient and out-patient locations in eastern Massachusetts which are affiliated with these hospitals, to entities affiliated with Reliant Hospital Partners of Richardson, TX. With the hospitals’ sale and operations transfers complete, FVE expects to realize cash proceeds of approximately $8M from the retention of its working capital investment in these hospitals. FVE will be relieved of rent obligations totaling approximately $11.5M per year, including rents to SNH and rents to third parties. In connection with the transfer of operations of the hospitals, FVE’s $35M secured revolving credit facility was reduced to $25M because the accounts receivable generated at the two rehabilitation hospitals will no longer be available as collateral. FVE also has an additional $150M revolving credit facility secured by certain FVE owned real estate that is unaffected by the transfer of the hospitals’ operations.
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April 16, 2014
09:07 EDTFVEFive Star Quality announces filing of restated financial statements
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