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Report to Detail How Manor Care Buyout by The Carlyle Group Could Hamper Care for Florida Nursing Home Residents
Date:11/6/2007

New research to detail how $400 million in new interest expense from

Carlyle deal could harm Florida nursing home residents

MIAMI, Nov. 6 /PRNewswire/ --

WHAT: On the day that the Manor Care nursing home chain tells the SEC

that it expects to close its $6.6 billion buyout deal with the

Carlyle Group, Florida senior care advocates, caregivers, and

community members will hold a press conference to call for

regulators to fully investigate the impact of the takeover, which

involves millions in taxpayer money.

WHY: New research released at the rally will detail how a massive new

debt load from the deal could have serious impacts on the lives of

Florida state nursing home residents if costs are cut to cover

interest payments on that debt. Cost cutting and reduced staffing

could potentially cause longer waits for care and less attention to

residents' needs. Manor Care runs 29 nursing homes in Florida.

Members of Congress in Washington will soon be holding hearings

about the Carlyle takeover of Manor Care and elected officials in

at least six states are calling for similar hearings. Advocates are

calling on regulators to slow down the process of licensing the

Carlyle Group until the hearings and their findings are complete.

WHEN: Wednesday, November 7, 2007 at 4:00pm

WHERE: 5725 NW 186TH ST, HIALEAH, FL 33015

WHO: Senator Frederica Wilson; Monica Russo, President SEIU Florida

Healthcare; Representatives from Seacrest Nursing Home Employee;

the Association of Retired Americans and the Florida Consumer

Action Network

BACKGROUND: In a recent front page expose (9/23/07), The New York Times

investigated what happens to nursing home quality of care

when the parent companies are bought out by private equity

firms. The Times found that among other concerns there have

been serious quality of care deficiencies and staffing cuts,

sometimes below federally recommended levels.

HCR Manor Care, based in Toledo, Ohio, is the largest nursing home provider in the country, with more than 37,000 resident beds nationwide and $3.6 billion in annual revenue. With more than $71 billion in assets under management, the Carlyle Group is one of the five largest corporate buyout firms in the nation. Carlyle is taking over Manor Care in a leveraged buyout deal worth $6.3 billion.


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SOURCE SEIU Florida Healthcare
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