Sears Methodist OK to close $59 million sale of three subsidiaries

By Kali Hays

New York, Jan. 27 – Sears Methodist Retirement System, Inc. received approval of a $59.1 million sale of substantially all assets of four subsidiaries to Evergreen Senior Living I, LLC, according to a Tuesday order from the U.S. Bankruptcy Court for the Northern District of Texas.

Subsidiaries included in the sale are Sears Methodist Centers, Inc., Sears Permian Retirement Corp. and Sears Panhandle Retirement Corp.

As previously reported, stalking horse bidder Yellow Rose Health Holdings LLC, which offered $42.5 million for the assets, is entitled to a $1.2 million break-up fee and expense reimbursement up to $100,000, under the stalking horse agreement.

The sale is expected to close by Feb. 27.

Sears Methodist is a Dallas-based nonprofit senior living provider that filed for bankruptcy on June 10. The Chapter 11 case number is 14-32821.

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