Medical Properties Inc. Extends Nu-Med Pact
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Medical Properties Inc., an Encino real estate investment trust, said a standstill agreement it previously entered into with Nu-Med Inc., an Encino hospital operator that leases Medical Properties’ three medical facilities, has been extended from March 1 to June 30.
Under the agreement, Medical Properties said it won’t declare Nu-Med in default if Nu-Med fails to pay its rent until June 30. Medical Properties said Nu-Med did not make its rent payments that were due Dec. 31, and the companies are negotiating new lease terms.
Medical Properties also said it is negotiating the sale of one of its hospitals, Medical Center of La Mirada.
Nu-Med’s failure to make its rent payments has been linked to its financial problems at the La Mirada facility. Sale of the property would be conditioned on the approval of Medical Properties’ shareholders, the company said.
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