One of Iowa's largest nursing home chains has been sold to Cedar Health Group, a holding company based in Lakewood, N.J., The Iowa Capital Dispatch reported March 22.
Clive, Iowa-based QHC Facilities owns eight skilled nursing facilities and two assisted-living centers in Iowa and filed for bankruptcy in late December. The facilities amassed more than $1 million in fines, with two facing termination of the Medicare program over quality issues.
Cedar is part of a network of companies run by real estate developer Mark Tress, who specializes in acquiring bankrupt properties, according to The Iowa Capital Dispatch.