Edgemere seeks approval to extend DIP loan maturity to June 13

By Sarah Lizee

Olympia, Wash., June 2 – Northwest Senior Housing Corp., which does business as Edgemere Dallas, is seeking approval to extend the maturity of its $15.5 million debtor-in-possession facility to June 13, 2023, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Northern District of Texas.

As previously reported, the company received confirmation of its Chapter 11 plan on April 7. The plan proposes to sell all the debtor’s assets.

The sale was expected to close on or before May 31 but is now anticipated to close by June 13.

The debtor said that in the meantime it needs to continue using the DIP facility and cash collateral.

Interest on the DIP facility is 12%. If a default occurs, interest will jump to 14%.

Bond trustee UMB Bank, NA is the lender.

The Dallas-based luxury senior living community filed Chapter 11 bankruptcy on April 14, 2022 under case number 22-30659.

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