{"componentChunkName":"component---src-templates-contenttypes-releases-pressreleases-js","path":"/about-us/press/press-releases/genesis-healthcare-announces-strategic-restructuring-steps-strengthen","result":{"data":{"nodePressReleases":{"field_happening_s_date":"2021-03-03","title":"GENESIS HEALTHCARE ANNOUNCES STRATEGIC RESTRUCTURING STEPS TO STRENGTHEN BALANCE SHEET AND CHART PATH FOR RECOVERY","body":{"value":"<ul>\r\n\t<li><span><span><em><span>Transformative steps reduce debt by approximately $256 million and include an immediate $50 million capital investment</span></em></span></span></li>\r\n\t<li><span><span><em><span>Opportunity for an additional $25 million capital investment by April 15, 2021</span></em></span></span></li>\r\n\t<li><span><span><em><span>Initial capital investment results in two appointments to the Board of Directors and voluntary delisting from the New York Stock Exchange and deregistration under the Exchange Act</span></em></span></span></li>\r\n</ul>\r\n\r\n<p><span><span><span><strong><span><span>Kennett Square, PA</span></span></strong><strong><span><span>&nbsp;–</span></span></strong><span><span>&nbsp;Genesis Healthcare, Inc. (“Genesis” or the “Company”) (NYSE:</span></span><a href=\"https://www.globenewswire.com/News/Listing?symbol=GEN&amp;exchange=4\"><strong><span><span>GEN</span></span></strong></a><span><span>) announced&nbsp;today a three-part strategic restructuring </span></span><span>plan <span>to strengthen the Company’s liquidity position and capital structure as it charts a path to recovery. </span></span></span></span></span></p>\r\n\r\n<p><span><span><span><span><span>First, Genesis has agreed to terminate its master lease covering </span></span><span>51<span> facilities leased from affiliates of Welltower Inc. (“Welltower”) and transition operations to new operators. In return, Genesis will receive approximately $</span>86<span> million, which it will use to repay a portion of its debt obligations to Welltower.&nbsp; In addition, Genesis will receive approximately an additional $170 million in debt reduction from Welltower </span>upon the occurrence of certain conditions, including the transition of the 51 facilities<span>. </span></span></span></span></span></p>\r\n\r\n<p><span><span><span><span><span>Second, Genesis entered into a definitive agreement with </span></span><span>ReGen Healthcare, LLC<span> (“ReGen Healthcare”) for a capital infusion of $</span>50<span> million.</span></span></span></span></span></p>\r\n\r\n<p><span><span><span><span><span>Third, the Company will </span></span><span>voluntarily delist<span> its Class A common stock (the “Common Stock”) from the New York Stock Exchange and deregister its Common Stock under the Securities Exchange Act of 1934 (the “Exchange Act”).</span></span></span></span></span></p>\r\n\r\n<p><span><span><span><span><span>“The severity of the pandemic dramatically impacted patient admissions, revenues and costs, compounding the pressures of our long-term, lease-related debt obligations,” said Chief Executive Officer Robert Fish. “These restructuring transactions improve the financial and operational stability of the Company significantly and build on the encouraging signs we are seeing as COVID-19 case rates </span></span><span>continue to materially <span>decline and residents, patients and staff are vaccinated.” &nbsp;&nbsp;</span></span></span></span></span></p>\r\n\r\n<p><span><span><span><span><span><a class=\"file file--mime-application-pdf file--application-pdf\" data-entity-type=\"file\" data-entity-uuid=\"cee507e0-634d-49c2-a8cc-03d80e8b43d4\" href=\"/sites/default/files/inline-files/Genesis_Press_Release%20-%2003_03_21%20FINAL.pdf\">Click here</a> to view the entire press 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