Christian Care gets approval to sell communities for $45 million

By Sarah Lizee

Olympia, Wash., July 21 – Christian Care Communities & Services received court approval to sell its three senior living communities to a stalking horse bidder, an affiliate of Boncrest Resource Group, for $45 million, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Northern District of Texas.

As previously reported, the company filed bankruptcy after identifying Boncrest as a potential buyer of the communities. Christian Care received court approval to designate 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 included a 3% breakup fee and an up to $350,000 expense reimbursement.

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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