Haven selects $105 million stalking horse bid for asset sale

By Caroline Salls

Pittsburgh, April 18 - Haven Healthcare Management, LLC has selected LifeHouse Retirement Properties, Inc.'s $105 million offer as the stalking horse bid for the sale of Haven's assets, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Connecticut.

Although the company and its official committee of unsecured creditors were in negotiations with potential buyers on the possibility of conducting a private sale without an auction, Haven said "the committee and the buyers have finally come to accept the debtors' position that there is no alternative to an auction."

If LifeHouse is not the high bidder for the assets, Haven will pay it a $3 million break-up fee and up to $750,000 for reimbursement of expenses.

MatlinPatterson Global Advisers LLC has agreed to guaranty LifeHouse's purchase obligations.

Haven, a Middletown, Conn.-based nursing home operator, filed for bankruptcy on Nov. 20. Its Chapter 11 case number is 07-32722.

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