Amsterdam House names LCS Real Estate winning bidder for assets

By Sarah Lizee

Olympia, Wash., Oct. 25 – 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 winning bidder for its assets, according to a notice filed Wednesday with the U.S. Bankruptcy Court for the Eastern District of New York.

The proposed purchase price is $63.25 million.

As previously reported, LCS was named stalking horse bidder for the assets in July. However, the debtor was later ordered to mediate with the official committee of unsecured creditors and bond trustee UMB Bank, NA regarding issues related to the sale process.

The debtor said Wednesday that Kong-BP Amsterdam, LLC has been named backup bidder.

A sale hearing is scheduled for Nov. 15.

The Port Washington, N.Y.-based retirement community builder and operator filed Chapter 11 bankruptcy for the third time on March 22, 2023 under Chapter 11 case number 23-70989.

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