Regional Health Properties, Inc. (NYSE American:RHE), a lessor of real estate properties generating $15.75 million in annual revenue, has entered into forbearance agreements with Cadence Bank, N.A. regarding loan defaults. The agreements, dated November 22, 2024, pertain to a $5 million USDA Note and an $800,000 SBA (LON:SBA) Note, both due on July 27, 2036.
During this period, Regional Health Properties and the borrower must continue to make monthly payments as outlined in the original loan agreements. Interest will accrue according to the terms of the notes, with the remaining balances, including principal, interest, late charges, and attorney's fees, due at the end of the forbearance period.
In other recent news, Regional Health Properties, Inc. has announced the resignation of board member Michael J. Fox, effective September 30, 2024. The company, which specializes in real estate leasing, clarified in a Form 8-K filing with the Securities and Exchange Commission that Mr. Fox's departure did not arise from any disagreement with the company's operations, policies, or practices.
The firm emphasized that the resignation was a personal decision by Mr. Fox, suggesting that the company's strategic direction and operational framework remain unaffected despite the change in its board composition. This development marks a change in the governance of the Atlanta-based company, which has experienced name changes in the past, with the most recent occurring on May 30, 2013.
According to the company's statements, the departure of a director can signal a shift in a company's governance dynamics, however, in this case, the company emphasized that the resignation was amicable.
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