Mayflower Communities looks to take bids for substantially all assets

By Caroline Salls

Pittsburgh, March 27 – Mayflower Communities, Inc. requested court approval of the bid procedures for the proposed sale of substantially all of its assets, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Texas.

Parties interested in acting as stalking horse bidder for the sale must submit letters of intent by 5 p.m. ET on April 26.

The company may enter into a stalking horse agreement on or before June 6 and may provide a 2% break-up fee and $250,000 expense reimbursement to be paid to that entity if it is not ultimately the high bidder.

Competing bids must be submitted by 5 p.m. ET on July 16.

An auction will be held on July 19, if necessary.

Mayflower Communities, an Addison, Texas-based provider of elder care and senior living facility services, filed bankruptcy on Jan. 30 under Chapter 11 case number 19-30283.

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