IRVINE, Calif., Dec. 1, 2015 (GLOBE NEWSWIRE) -- Sabra Health Care REIT, Inc. ("Sabra", the "Company" or "we") (NASDAQ:SBRA) (NASDAQ:SBRAP) is providing updates on its Forest Park – Dallas mortgage loan and its Forest Park – Fort Worth construction loan and will be holding a conference call to discuss the status of these investments.
On November 30, 2015, the borrower under the Forest Park – Dallas mortgage loan and the borrower under the Forest Park – Fort Worth construction loan (collectively, the "Borrowers") each filed a petition for relief under Chapter 11 of the United States Bankruptcy Code in the Northern District of Texas. The Borrowers are the owners of the real estate of the respective facilities and lease the facilities to physician-owned entities operating under the Forest Park name (the "Operators"). As of December 1, 2015, we are not aware of either Operator filing for bankruptcy relief. We expect the Borrowers' bankruptcy petitions to result in a competitive sales process of the Borrowers' assets where we would have the ability to credit bid up to the level of our investments. If the bankruptcy process does not result in a timely sale of either asset to a suitable buyer, we expect to request the bankruptcy court to lift the automatic stay to allow a foreclosure sale under the appropriate deed of trust to take place.
A conference call to discuss these developments will be held today, Tuesday, December 1 at 11:00 a.m. Pacific Time. The dial in number for the conference call is 888-481-2844 and the participant code is SABRA. A replay of the call will also be available for 30 days following the call, by dialing 888-203-1112 and using the passcode 4765825.
Sabra Health Care REIT, Inc. (Nasdaq:SBRA), a Maryland corporation, operates as a self-administered, self-managed real estate investment trust (a "REIT") that, through its subsidiaries, owns and invests in real estate serving the healthcare industry. Sabra leases properties to tenants and operators throughout the United States and Canada.
The Sabra Health Care REIT, Inc. logo is available at
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Source:Sabra Health Care REIT, Inc.