Eagle Senior Living gets OK of bid procedures for Vista Lake facility

By Sarah Lizee

Olympia, Wash., Feb. 11 – American Eagle Delaware Holding Co. LLC, which does business as Eagle Senior Living, received court approval of the bid procedures for the sale of its Vista Lake facility, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The company also received court approval to enter into a stalking horse agreement for the facility and has until Feb. 28 to identify a party that would serve as the stalking horse bidder.

Bid protections would include an up to $50,000 expense reimbursement and a 3% breakup fee.

The initial overbid has been set at $200,000, with minimum bid increments thereafter of $50,000.

Under the bid procedures, bids are due by 4 p.m. ET on March 28, an auction, if needed, will be held on March 31, and a sale hearing will be held April 7.

The Ann Arbor, Mich.-based senior living community provider filed bankruptcy on Jan. 14 under Chapter 11 case number 22-10028.

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