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Consulate Health gets court approval of bid procedures for assets
By Sarah Lizee
Olympia, Wash., April 19 – CMC II, LLC, which does business as Consulate Health Care, secured court approval of the bid procedures for substantially all of the assets of its skilled nursing facilities operated by debtors 207 Marshall Drive Operations LLC and 803 Oak Street Operations LLC, and substantially all the assets of debtor CMC II, according to a minute entry filed Friday with the U.S. Bankruptcy Court for the District of Delaware.
The debtors’ pre-petition marketing process yielded term sheets for two separate transactions, the company had said in its motion.
Assisted 4 Living, Inc. has agreed to act as stalking horse bidder for the assets of the skilled nursing facilities with a stalking horse bid of $2 million.
Capstone, the company’s affiliate and debtor-in-possession lender, has agreed to act as stalking horse bidder for the assets of CMC II. Capstone’s offer is a credit bid of $3 million of the outstanding balance of the DIP loan.
The bid deadline is 5 p.m. ET on May 5. An auction, if needed, will be held on May 10, and a sale hearing will be held on May 13.
The minimum overbid amount has been set at $100,000.
Consulate Health Care is a Maitland, Fla., senior health care services provider. The company filed bankruptcy on March 1 under Chapter 11 case number 21-10461.
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