Manor Care Inc.

Event Publicly Available Information:

Based on the publicly available information provided (see below), a Failure to Pay Credit Event has occurred with respect to Manor Care Inc.

News Article 1: HCR ManorCare lenders accelerate TLB, raising possibility of bankruptcy

News Article 2: Carlyle-Owned ManorCare Said to Get Acceleration Notice on Debt

News Article 3: Carlyle’s ManorCare Said to Get Repayment Demand From Lenders

Additional Public Information:
S&P article published June 6

Quality Care Providers 8K of June 5

Debtwire article published May 30


Auction Timeline	July 21, 2017: The Americas DC resolved that because the HCR Healthcare LLC Term Loan had been paid off that the DC could not identify any Deliverable Obligations with respect to Manor Care, Inc., and that the Auction would not be held. Therefore, the No Auction Announcement Date is July 21, 2017.

Deliverable Obligations	Final List Submission of Potential Deliverable Obligations and Challenges

Auction Settlement Terms	Final Auction Settlement Terms for Manor Care Inc. Blackline against iHeart Communications, Inc.

List of Participating Bidders	List of Participating Bidders

Upcoming DC Meetings
This Event
- No meetings scheduled
All Meetings
- No upcoming meetings
Additional Information

Issue Number:

2017052401

Submitted by:

General Interest Question

Category:

Credit Event

Coverage Election:

2014 and 2003 Definitions

Status:

Closed

Outcome:

Question Decided
Procedural History
- Closed
  
  DCDecision07212017
  July 21, 2017: The Americas DC resolved that because the HCR Healthcare LLC Term Loan had been paid off that the DC could not identify any Deliverable Obligations with respect to Manor Care, Inc., and that the Auction would not be held. Therefore, the No Auction Announcement Date is July 21, 2017.
  7/21/2017 11:40am EDT
- Ongoing
  
  DCDecision07202017
  7/20/2017 01:10pm EDT
- Ongoing
  
  DCDecision07182017
  The Participating Bidders determined there was a Materiality Event with respect to the Manor Care, Inc. CDS Auction and voted to delay the Auction until Friday, July 21, 2017, to gather further information regarding whether there was a repayment of the Deliverable Obligations.
  7/18/2017 11:40am EDT
- List of Participating Bidders Published
  
  List of Participating Bidders
  7/14/2017 02:15pm EDT
- Final Auction Terms Published
  
  Final Auction Settlement Terms for Manor Care Inc.
  7/11/2017 05:00pm EDT
- Final List Published
  
  Final List
  7/06/2017 05:05pm EDT
- Supplemental List Published
  
  Supplemental List
  7/03/2017 10:30pm EDT
- Initial List Published
  
  DC Decision 06302017
  6/30/2017 12:05pm EDT
- Auction Information Published
  
  DCDecision06282017
  6/28/2017 05:35pm EDT
- Ongoing
  
  June 27, 2017: The DC met to continue discussions on the Manor Care Inc. CDS Auction.
  6/27/2017 04:10pm EDT
- Ongoing
  
  June 22, 2017: The DC voted to hold an Auction. The DC agreed to reconvene on Tuesday, June 27, 2017, at 12:00 pm New York time to continue discussions regarding the Auction.
  6/22/2017 04:35pm EDT
- Ongoing
  
  DCDecision06222017
  6/22/2017 12:05pm EDT
- Ongoing
  
  June 14, 2017: The Americas DC continued to consider whether an Auction should be held with respect to Manor Care Inc. The DC agreed to reconvene on Thursday, June 22, 2017, to continue discussion.
  6/14/2017 04:35pm EDT
- Ongoing
  
  June 12, 2017: The Americas DC considered whether an Auction should be held with respect to Manor Care Inc. The DC agreed to reconvene on Wednesday, June 14, 2017, to continue discussion.”
  6/12/2017 04:05pm EDT
- Ongoing
  
  June 8, 2017: The Americas DC reviewed additional information that had become available regarding the DC question, including an 8k dated June 5 and a Debtwire article published May 30, and resolved that a Failure to Pay Credit Event had occurred with respect to Manor Care Inc. The DC agreed to reconvene on Monday, June 12, 2017, to discuss whether to hold an auction.
  6/08/2017 04:05pm EDT
- Ongoing
  
  DCDecision06082017
  6/08/2017 11:45am EDT
- Ongoing
  
  DCDecision06022017
  June 2, 2017: The DC requested market participants submit any additional publically available information (PAI) to dcsecretary@isda.org. DC members voted to extend the deadline for holding a binding vote on the DC Question until Friday, June 9, 2017.
  6/02/2017 11:45am EDT
- Ongoing
  
  May 31, 2017: The Americas DC met to discuss whether a Failure to Pay Credit Event had occurred with respect to Manor Care Inc. The DC agreed to reconvene on Friday, June 2, 2017, at 11 am (New York time) to continue the discussion.
  5/31/2017 04:25pm EDT
- Ongoing
  
  DCDecision05262017
  
  May 26, 2017: The Americas DC considered the question submitted. DC members noted that the information submitted with the question did not indicate whether a payment failure had occurred. DC members requested that market participants submit any further available public information regarding this event by emailing it to ISDA (dcsecretary@isda.org). The DC agreed to reconvene on Wednesday May 31, 2017, at 11 am (New York time) to continue the discussion.
  5/26/2017 12:20pm EDT
- Request Accepted by DC
  
  5/25/2017 02:45pm EDT
- Pending DC Consent
  
  5/24/2017 02:05pm EDT