Eagle Senior Living emerges from bankruptcy
Nine months after Eagle Senior Living voluntarily commenced Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware, the company announced Thursday that it has completed a comprehensive financial restructuring.
The Wilmington, DE-based company operates independent living, assisted living and memory care communities in seven states: Alabama, Colorado, Florida, Minnesota, Ohio, Tennessee and Wisconsin.
“Through this process, we have achieved a strengthened financial structure, enabling our communities to be the place where residents can do more of what they love for years to come,” Todd Topliff, President of American Eagle Delaware Holding Co., said in a press release.
The sale of Vista Lake Assisted Living and Memory Care Community in Leesburg, Florida to Atlantis Senior Living marks the close of the Chapter 11 case.
In February, Atlantis was among the bidders for Vista Lake, according to court records. In addition to Atlantis, Eagle received qualified bids for the seniors community from Illuminate HC and Gold Standard of Care prior to the bidding deadline.
Illuminate originally won the bid to purchase the property for $7.1 million. By July 1, however, the company had defaulted on the terms of the sale, according to American Eagle Delaware Holding Co. The court agreed and allowed Eagle to follow second-highest bidder Atlantis at a purchase price of $4 million.
The pre-arranged bankruptcy filing was intended to allow Eagle to operate uninterrupted and “achieve a more balanced and sustainable capital structure, creating a stronger foundation for the long-term success of their communities,” according to one. Press release issued last month by American Eagle Delaware Holding Co.
Eagle Senior Living’s parent company, American Eagle Lifecare Corp., and management company, Greenbrier Senior Living, were not included in the Chapter 11 filing. Greenbrier continues to manage all of Eagle’s remaining communities.
“I would like to thank our residents and family members for their continued support, our business partners for their patience, and all of our loyal employees for their hard work and dedication to providing all residents with the highest quality care as we did it. worked to complete this process,” Topliff said. “We are optimistic about our future.”