Amsterdam House names LCS Real Estate as stalking horse bidder

By Sarah Lizee

Olympia, Wash., July 19 – Amsterdam House Continuing Care Retirement Community, Inc., which does business as the Harborside, named Life Care Services Communities LLC, doing business as LCS Real Estate, the stalking horse bidder for its assets and business, according to a notice filed Wednesday with the U.S. Bankruptcy Court for the Eastern District of New York.

LCS has offered a bid of $55 million in cash.

As previously reported, the debtor is offering interested parties the opportunity to affiliate with the debtor or to acquire some or all of its assets.

The company operates a senior living community with over 300 units in Port Washington, N.Y. It was previously known as Amsterdam at Harborside.

The company had previously identified New England Life Plan Communities Corp. (NELP) as a potential stalking horse and sponsor for a plan of reorganization.

The proposed plan provided that either NELP will acquire the sole corporate member interest in the reorganized debtor or, alternatively, substantially all of the debtor’s assets through a sale that would be subject to an auction process; or NELP will acquire the sole corporate member interest in the debtor and all of the series 2021 bonds.

NELP would continue operating the Harborside and assume all residency agreements.

The bid deadline is 4 p.m. ET on Aug. 23, an auction will take place on Aug. 23, and a sale hearing will take place on Aug. 29.

The Port Washington, N.Y.-based retirement community builder and operator filed Chapter 11 bankruptcy for the third time on March 22 under Chapter 11 case number 23-70989.

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