Quality Care Properties
HCR ManorCare officials filed for bankruptcy Sunday, paving the way for a company-saving purchase by Quality Care Properties.
Amidst negotiations over its future, HCR ManorCare announced Monday that President and CEO Paul Ormond would step down after more than three decades at the company. Steve Cavanaugh, executive vice president and COO for the company, has been appointed to take his place.
Quality Care Properties kept the heat on HCR ManorCare top managers, announcing in mid-August that it had begun the process of appointing an independent receiver to oversee the provider's skilled nursing and assisted living facilities.