Genesis Acquires Eldercare Facilities from ElderTrust
July 21, 2003
Genesis Acquires Eldercare Facilities from ElderTrust
Genesis Health Ventures, Inc. (GHVI) announced on July 14, 2003, that it has entered into a non-binding letter of intent to secure amendments and consents under existing agreements with ElderTrust, a Maryland real estate investment trust, from whom Genesis or its subsidiaries currently lease or sublease 18 of its eldercare facilities and eight eldercare facilities which are currently leased through partnerships. As previously announced, GHVI intends to spin-off its eldercare operations into a newly formed eldercare company, named Genesis HealthCare Corporation (GHC), in a tax free . . .