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Eagle Senior Living to Restructure to Achieve Healthier Financial Future, Long-Term Success

Communities to Operate Uninterrupted Through Restructuring Process, Prioritizing Resident Health and Well-being


News provided by

American Eagle Delaware Holding Company LLC

Jan 14, 2022, 13:20 ET

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WILMINGTON, Del., Jan. 14, 2022 /PRNewswire/ -- American Eagle Delaware Holding Company LLC and certain of its subsidiaries (collectively, "Eagle Senior Living" or the "Company") today announced that they have taken necessary action to complete a comprehensive financial reorganization to achieve a more balanced and sustainable capital structure, creating a stronger foundation for their communities' long-term success. To achieve these goals, Eagle Senior Living has initiated a voluntary Chapter 11 process in the U.S. Bankruptcy Court for the District of Delaware. The Company is confident that the proven legal process of Chapter 11 will allow it to strengthen its financial structure and provide flexibility to make necessary capital improvements to refresh and enhance its communities to better serve residents both now and in the future.

Importantly, the Chapter 11 process will allow Eagle Senior Living communities to operate uninterrupted as the Company works to achieve its financial goals. With the support of a steering committee of its senior bondholders as outlined in a restructuring support agreement (the "RSA"), Eagle Senior Living intends to emerge from the Chapter 11 process with a bolstered financial structure, allowing it to make additional investments in its communities. The RSA contains agreed-upon terms for a pre-arranged plan of reorganization that, if approved by the required additional creditors and the U.S. Bankruptcy Court, would significantly reduce debt and provide needed financial flexibility.

"Today's announcement brings us closer to securing a stronger financial future for Eagle Senior Living and its communities," said Todd Topliff, President of American Eagle Delaware Holdings. "We have been working diligently with our bondholders to navigate the impacts of the COVID-19 pandemic, strengthen our long-term financial health and best position Eagle Senior Living to continue providing high-quality care and amenities to all residents. We strongly believe that, through the Chapter 11 process, we will not only strengthen our financial structure—but also improve the communities we serve, making them the places where seniors can do more of what they love for years to come. We are incredibly grateful for our employees and their determination through the pandemic and industrywide challenges, and we are confident that our residents will continue to feel cared for and engaged at all of our communities."

Eagle Senior Living has also decided to pursue an orderly sale of its Vista Lake community through the Chapter 11 process. The Company has filed certain motions with the U.S. Bankruptcy Court that will allow it to meet go-forward commitments to all stakeholder groups through the Chapter 11 process, including employee wages and benefit programs. These motions are typical in Chapter 11 proceedings and remain subject to Court approval.

Eagle Senior Living's parent company American Eagle Lifecare Corporation and management company Greenbrier Senior Living are not included in the Chapter 11 filing. Greenbrier Senior Living continues to manage all of the communities.

For more information about Eagle Senior Living's Chapter 11 case, including the terms of the RSA, please visit https://dm.epiq11.com/eagleseniorliving, email [email protected] or call (800) 713-8096 for U.S. calls or +1 (503) 597-7731 for international calls.

Eagle Senior Living is represented in this matter by Polsinelli as legal counsel and FTI Consulting as restructuring and financial advisor.

About Eagle Senior Living

Established in 2018, Eagle Senior Living was founded with the recognition that our human spirit is elevated through meaningful relationships with others. It's why, across all our communities, residents and associates become like family. It's also the reason those individual communities work to become integrated into the fabric of their surrounding neighborhoods and cities. With 15 communities across seven states, our goal is to enrich the lives of older adults across the nation. Our locations offer independent living, assisted living and memory care.

The culture we foster throughout our organization is built to empower residents and employees through inclusive and purposeful programming that brings people together, because for us, people always come first. That means, in everything we do, our goal is to provide a comfortable place for seniors to live authentic and enriched lives, surrounded by opportunities to grow. Some call this approach best-in-class; we simply call it bringing out the best in each other.

These difference-making values are also shared with our management partner, Greenbrier Senior Living, whose mission is to empower and serve residents, families and associates with heart, passion and focus. For more information, visit https://www.eagleseniorliving.org/.

SOURCE American Eagle Delaware Holding Company LLC

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