U.S. Bankruptcy Court Approves Sale of Henry Ford Village to Sage Healthcare Partners Affiliate
Henry Ford Village ("HFV," "the community") today announced that the United States Bankruptcy Court in the Eastern District of Michigan has approved the sale of substantially all of HFV's assets to HFV OPCO, LLC, an affiliate of Sage Healthcare Partners ("Sage"), for $76.3 million, subject to entry of final agreed orders. The transaction remains subject to regulatory approvals and customary closing conditions, and HFV anticipates the sale will be completed in approximately 90 to 120 days.
The path forward for the community centers around its inclusion in Sage's network of senior living communities, and includes plans to increase programmatic activities for residents and employees while investing to improve HFV's campus more broadly. Sage has also pledged to uphold HFV's current commitments to maintain the health, safety and lifestyle of its residents.
"We're starting a new chapter in the Henry Ford Village story, and we're pleased to do so having achieved a stronger financial foundation and maintained the best interests for the full HFV community. Sage is already showing commitment and engagement with the people who make HFV so special, and we're confident that it will uphold HFV's values. Now, we look forward to emergence and seeing the long-term positive impact that Sage has on our community," said Bruce Blalock, Henry Ford Village's Executive Director.
"We are pleased to have executed a strong sale process that brought a proposed order to the Court, supported by all major constituencies. We are grateful to HFV's stakeholders for coming together to support the combination and path forward for the community," said Sheryl Toby, Partner at Dykema Gossett PLLC.
"We're excited to give HFV a chance to thrive for years to come and, more importantly, to begin focusing on what truly matters: the health and safety of every HFV community member," said Avi Satt, President of Sage Healthcare Partners. "Our priority is forming deep and meaningful relationships with staff and residents, and collaborating to carry on the legacy of a long-standing and wonderful senior living community."
All relevant sale-related court filings, as well as additional information about Henry Ford Village's Chapter 11 case are available at http://www.kccllc.net/HFV or by calling (866) 476-0898 for U.S./Canadian calls or (781) 575-2114 for international calls.
Henry Ford Village is represented in this matter by Sheryl Toby of Dykema Gossett PLLC. FTI Consulting is serving as Chief Restructuring Officer (CRO) and restructuring advisor.
About Henry Ford Village
Henry Ford Village is a Senior Living Community in Dearborn, MI, that encourages making the most out of every life opportunity. Henry Ford Village offers three levels of care for those 62 and older including independent living options, rehabilitation services, and assisted living. Henry Ford Village sits on 35 acres of land, which is home to over one hundred clubs and activities, and top-of-the-line residential care facilities for its residents to engage in and rely on. For more information, visit www.henryfordvillage.com.
About Sage Healthcare Partners
Sage is a premier operator of senior housing and healthcare facilities. It was founded on the principles of providing high-quality resident-focused care, with genuine diligence and dedication, and to create a work environment of equal caliber. Sage owns, operates, manages and consults across the full continuum of care in the senior housing and healthcare space, specializing in independent living, as well as continuing care retirement communities, assisted living, skilled nursing and memory care.