Followers | 240 |
Posts | 12051 |
Boards Moderated | 0 |
Alias Born | 04/05/2009 |
Monday, January 09, 2023 10:17:34 PM
On December 30, 2022, Regional Health Properties, Inc. (NYSE American: RHE) (NYSE American: RHE-PA) (the “Company”), ADK Georgia, LLC, a subsidiary of the Company (“Tenant”), and Spring Valley, LLC (“Landlord”) entered into a Lease Termination Agreement (the “Lease Termination Agreement”) relating to the lease (the “Lease”) of the following eight nursing facilities: the Powder Springs facility, the Thomasville facility, the Jeffersonville facility, the Lumber City facility, the LaGrange facility, the Tara facility, the Oceanside facility and the Savannah Beach facility (collectively, the “Facilities”). The Lease Termination Agreement provides that the Lease was terminated effective as of December 7, 2022 (the “Lease Termination Date”). In connection with the foregoing, Tenant entered into certain Operations Transfer Agreements (the “Operations Transfer Agreements”) with each of TV Thomasville LLC, LC Lumber City LLC, LG Lagrange LLC and TB Thunderbolt LLC (the “New Operators”), each with an effective date as of the Lease Termination Date. The Operations Transfer Agreements contain market industry terms.
Pursuant to the Lease Termination Agreement, (a) Landlord forgave all past due and current rent, late penalties, and additional rent for taxes due under the Lease as of the Lease Termination Date, as well as all accrued and unpaid interest and unpaid principal under the Promissory Note dated September 30, 2022, (b) Tenant and the Company remain liable to Landlord for any nursing home provider fees owed to the State of Georgia arising on or before the Lease Termination Date (“Unpaid Provider Fees”), (c) to fund any reimbursement for Unpaid Provider Fees, Tenant agreed to enter into a Promissory Note with a line of credit feature in favor of Landlord in the principal sum of $2,700,000 bearing an interest rate of 6.25%, payable monthly over 24 months, secured by Tenant’s accounts receivables associated with the facilities and earned prior to the Lease Termination Date, and guaranteed by the Company, and (d) except as set forth in the Lease Termination Agreement, Landlord, Tenant and the Company agreed to a release of claims. As consideration for Landlord’s agreement to enter into the Lease Termination Agreement and accelerate the expiration date of the term of the Lease, Tenant and its affiliates, including the Company, agreed to cooperate with Landlord and any third parties, including the New Operators, to continue the operation of and transfer the ownership of the Facilities with an effective date as of the Lease Termination Date.
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001004724/000095017023000374/rhe-20221230.htm
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, Founder and CEO of Harwood International
Recent RHE News
- Regional Health Properties Reports Fourth Quarter and Full Year 2023 Financial Results • GlobeNewswire Inc. • 04/08/2024 01:15:00 PM
- Regional Health Properties Reports Third Quarter 2023 Financial Results • GlobeNewswire Inc. • 11/17/2023 01:24:36 PM
- Regional Health Properties Reports Second Quarter 2023 Financial Results • GlobeNewswire Inc. • 08/23/2023 04:33:00 PM
- Regional Health Properties, Inc. Announces Receipt of Acceptance Letter from NYSE American • GlobeNewswire Inc. • 08/07/2023 08:15:00 PM
- Regional Health Properties, Inc. Announces Commencement of Trading of Series B Preferred Stock on OTC Markets • GlobeNewswire Inc. • 08/03/2023 08:52:23 PM
- Regional Health Properties, Inc. Announces Receipt of Notice of Noncompliance from NYSE American • GlobeNewswire Inc. • 07/06/2023 08:40:00 PM
- Regional Health Properties, Inc. Announces Final Results and Closing of Exchange Offer • GlobeNewswire Inc. • 07/03/2023 12:00:00 PM
- Regional Health Properties, Inc. Announces Shareholder Approval of Special Meeting Proposals, Satisfaction of All Conditions to Exchange Offer and Preliminary Results of Exchange Offer • GlobeNewswire Inc. • 06/28/2023 12:00:00 PM
- Regional Health Properties, Inc. Reminds Shareholders of Upcoming Special Meeting and Encourages Shareholders to Vote • GlobeNewswire Inc. • 06/21/2023 09:15:00 PM
- Regional Health Properties, Inc. Announces Commencement of Exchange Offer for All Outstanding Shares of its Series A Preferred Stock • GlobeNewswire Inc. • 05/25/2023 03:00:00 PM
- Regional Health Properties, Inc. Announces Receipt of Notice of Noncompliance from NYSE American • GlobeNewswire Inc. • 05/17/2023 09:15:00 PM
FEATURED Cannabix Technologies Launches New Compact Breath Logix Workplace Series and Prepares for Delivery to South Africa • May 7, 2024 8:51 AM
Moon Equity Holdings, Corp. Announces Acquisition of Wikolo, Inc. • MONI • May 7, 2024 9:48 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM