Assisted Living Chain Owing $83M Hits Ch. 11 For Sale

Law360 (June 21, 2021, 12:51 PM EDT) -- Texas-based assisted living chain CP Holdings LLC sought Chapter 11 protection in Delaware bankruptcy court late Sunday with plans for a stalking horse sale led by Hong Kong-based creditors offering a partial takeback of the 50-site venture's more than $66 million first-lien debt.

CP Holdings operates most of its sites through subsidiaries operating under the Country Place Senior Living name. Its principals have been under pressure from first-lien creditor Tor Asia Credit Master Fund LP in Texas and New York courts for more than two years.

Marc Weinsweig, independent manager of CP Holdings, said in a case-opening declaration that the bankruptcy...

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