Henry Ford Village names MED Healthcare stalking horse bidder for assets

By Sarah Lizee

Olympia, Wash., March 30 – Henry Ford Village, Inc. entered into a stalking horse asset purchase agreement with MED Healthcare Partners, according to a press release.

As previously reported, the company had until March 26 to choose a stalking horse bidder, according to bid procedures filed in December with the U.S. Bankruptcy Court for the Eastern District of Michigan.

The stalking horse agreement remains subject to higher or better offers, as well as court approval.

Under the terms of the stalking horse agreement, MED would acquire substantially all the community's assets for $69 million.

The deadline for competing offers to be submitted is set for April 30. A hearing to approve the sale transaction is currently scheduled for 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.