Nine months after Eagle Senior Living voluntarily began a Chapter 11 process in the US Bankruptcy Court for the District of Delaware, the company announced Thursday that it has successfully 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 secured a bolstered financial structure, allowing our communities to be the place for residents to 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 the Vista Lake assisted living and memory care community in Leesburg, FL, 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 senior living community from Illuminate HC and Gold Standard of Care by the bid deadline.
Illuminate initially won the bid to purchase the property for $7.1 million. As of 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 up with second-place bidder Atlantis at a $4 million purchase price.
The pre-arranged bankruptcy filing was intended to allow Eagle to operate without interruption and “achieve a more balanced and sustainable capital structure, creating a stronger foundation for their communities’ long-term success,” according to a 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 their family members for their ongoing support, our business partners for their patience, and all of our loyal employees for their unwavering hard work and dedication to providing all residents with the highest quality of care as we have worked to complete this process,” Topliff said. “We are optimistic about our future.”
