Christian Care Communities seeks court approval of bid procedures

By Sarah Lizee

Olympia, Wash., May 24 – Christian Care Communities & Services filed bid procedures for its three senior living communities with the U.S. Bankruptcy Court for the Northern District of Texas late Monday, according to court documents.

As previously reported, the company filed bankruptcy earlier Monday after identifying Boncrest Resource Group as a potential buyer of the communities. Christian Care is now seeking court approval to designate Boncrest affiliate North Texas Benevolent Holdings, LLC as the stalking horse. The purchase price under the stalking horse agreement is $45 million, plus assumed liabilities and less a credit of $750,000.

The stalking horse agreement would include a 3% breakup fee and an up to $350,000 expense reimbursement.

Christian Care said it is prepared to consider other offers, if any, that might be in the best interest of residents, employees and other stakeholders.

The company did not set a bid deadline, an auction date or sale hearing date.

The Texas-based non-profit faith-based organization operates three communities for seniors in Mesquite, Fort Worth and Allen. The company filed bankruptcy on May 23 under Chapter 11 case number 22-80000.

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