ElderTrust Announces Genesis Reorganization Completion Reorganized Genesis/Multicare Successfully Emerge From Bankruptcy.Business Editors KENNETT SQUARE, Pa.--(BUSINESS WIRE)--Oct. 2, 2001 ElderTrust (NYSE NYSE See: New York Stock Exchange :ETT ETT Empresa de Trabajo Temporal (Spain) ETT European Transactions on Telecommunications ETT Exercise Treadmill Test ETT Embedded Training Team ETT Exercise Tolerance Test (cardiology) ; the "Company"), an equity healthcare REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). , announced today that Genesis Health Ventures, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :GHIQ.OB; "Genesis") and The Multicare Companies, Inc. ("Multicare" and collectively, "Debtors") have successfully completed their reorganization and have emerged from bankruptcy. "This step concludes a very difficult period for these entities and we wish them all the best in the future," said D. Lee McCreary, Jr., ElderTrust's President and Chief Executive Officer. "Congratulations to everyone at Genesis who played a part in bringing this situation to a expeditious ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex conclusion." Mr. McCreary continued, "Over the course of the past several years the economics of the long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. industry have changed dramatically. We believe the reorganized entity is in a great position to be successful in this arena provided they make profitability their primary focus. We wish them all the best for the future." ElderTrust is a real estate investment trust that invests in real estate properties used in the healthcare services industry, principally along the East Coast of the United States The "Eastern Seaboard," or "Atlantic Seaboard" are terms referring to the easternmost coastal states in the United States. They touch the Atlantic Ocean and stretch up to Canada. . Since commencing operations in January 1998, the Company has acquired direct and indirect interests in 32 buildings and has loans outstanding of $21.7 million in construction and term financing on five additional healthcare facilities. Certain matters discussed within this press release may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Although ElderTrust believes the expectations reflected in such forward-looking statements are reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from ElderTrust's expectations include the extent to which Genesis and Multicare continue to make lease and loan payments to the Company, the Company's ability to further extend or refinance its Bank Credit Facility when it matures in August 2002, real estate conditions, changes in the economic conditions and other risks detailed from time to time in the Company's SEC reports and filings. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. For more information on ElderTrust visit ElderTrust's Web site at www.eldertrust.com |
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