Country Place names stalking horse Tor Asia winning bidder for assets

By Sarah Lizee

Olympia, Wash., Oct. 5 – CP Holdings LLC, which does business as Country Place Senior Living, named stalking horse bidder and lender Tor Asia Credit Master Fund LP the winning bidder for substantially all of its assets, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The company said no other qualified bids were received.

Tor agreed to credit bid the $3 million debtor-in-possession loan and $14.94 million of the pre-petition first-lien term loan to purchase the assets, consisting primarily of the debtors’ membership interests in their direct subsidiaries.

A sale hearing is scheduled for Oct. 26.

Dallas-based Country Place develops and operates rural-based aged-care assisted living and memory care facilities. The company filed bankruptcy on June 20 under Chapter 11 case number 21-10950.

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