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Published on 7/21/2022 in the Prospect News Distressed Debt Daily.

Eagle Senior now plans to sell Vista Lake facility to backup bidder

By Sarah Lizee

Olympia, Wash., July 21 – American Eagle Delaware Holding Co. LLC, which does business as Eagle Senior Living, said it now plans to sell its Vista Lake facility to backup bidder 11722 N 17th LLC, known as Atlantis, according to a notice filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company had gained court approval to sell the facility to winning bidder Illuminate HC, LLC. The purchase price was $7.1 million in cash.

As part of the sale order, in the event that the purchaser failed to close the approved sale, the debtors may designate the backup bidder as the purchaser upon filing a notice with the court.

Atlantis, which was also the stalking horse bidder, had bid $7 million for the facility at auction. The original stalking horse agreement included a purchase price of $4 million.

Bid protections under the stalking horse agreement included an up to $50,000 expense reimbursement and a $120,000 breakup fee.

The Ann Arbor, Mich.-based senior living community provider filed bankruptcy on Jan. 14, 2022 under Chapter 11 case number 22-10028.


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