Henry Ford Village gets court approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., Dec. 22 – Henry Ford Village, Inc. secured court approval of the bid procedures for the sale of substantially all of its assets, according to an order filed Monday with the U.S. Bankruptcy Court for the Eastern District of Michigan.

Under the bid procedures, the company has the option to enter into a stalking horse agreement by March 26. Bid protections would include a breakup fee of up to 3% and an expense reimbursement of up to $400,000.

The bid deadline will be April 30, and an auction will be held on May 4, if needed.

A sale hearing will be held on May 24.

Henry Ford Village is a senior living community based in Dearborn, Mich. The company filed Chapter 11 bankruptcy on Oct. 28 under case number 20-51066.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.