Business News • MarketWire • Sun Healthcare Group, Inc. Announces Plan to Separate Its Operating and Real Property Assets; Adopts a Stockholder Rights Plan |
Sun Healthcare Group, Inc. Announces Plan to Separate Its Operating and Real Property Assets; Adopts a Stockholder Rights Plan |
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Sun Healthcare Group, Inc. Announces Plan to Separate Its Operating and Real Property Assets; Adopts a Stockholder Rights Plan
IRVINE, CA--(Marketwire - May 24, 2010) - Sun Healthcare Group, Inc. (NASDAQ: SUNH) today announced that it intends to separate the company into two separate publicly traded companies. One entity (the "Operating Company") will own all of Sun's operating subsidiaries and will continue to use the Sun Healthcare Group name. The other entity (the "REIT") will own substantially all of Sun's currently owned real property portfolio and intends to operate as a real estate investment trust under the name Sabra Health Care REIT, Inc. The Operating Company, through its subsidiaries, will continue to provide the same nursing, rehabilitative and related specialty healthcare services as are now provided by Sun and its subsidiaries at its 183 skilled nursing centers, 14 assisted and independent living centers and eight mental health centers. The Operating Company will also manage Sun's rehabilitation therapy, medical staffing se
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