Ziegler announced its role as exclusive sell-side financial advisor to Midwest Christian Villages (doing business as Christian Horizons) in the sale of its senior living and care portfolio pursuant to Section 363 of the U.S. Bankruptcy Code. The sale of substantially all the company’s assets closed in multiple transactions on or before February 28th, 2025. Nick Glaisner handled the transaction.
Christian Horizons was one of the nation’s largest not-for-profit, faith-based organizations and offered a comprehensive continuum of care that included over 1,200 independent living, assisted living, memory care, and skilled nursing units/beds. The organization served older adults in Illinois, Iowa, Indiana and Missouri.
In July, following extended financial pressures suffered from the pandemic, Christian Horizons filed for bankruptcy protection with the U.S. Bankruptcy Court for the Eastern District of Missouri and sought authorization to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code.
Ziegler was retained to sell Christian Horizons’ portfolio of 11 seniors housing communities and its wholly owned institutional pharmacy company and led a comprehensive sales process that resulted in an active auction environment that maximized proceeds for Christian Horizons’ stakeholders. Four distinct subsets of assets, largely based on the geographical diversity of the communities within the portfolio, were identified to initiate the stalking-horse bidding process.
In September, four stalking horses were selected. A live auction for all the assets in the portfolio was conducted on November 12th and winning bidders were approved by the bankruptcy court on November 22nd. Outstanding entrance fee refund liabilities owed to residents and employee PTO obligations were fully assumed by buyers at closing.
