Sunwest Management Obtains Court Approval of Purchase and Sale Agreement

Sunwest Management announced late last week that it has received approval from the US District Court Judge Michael Hogan for the sale of the company’s 149 senior housing facilities. The sale of the facilities are part of a previously announced joint venture with Blackstone Real Estate Advisors VI LP, Emeritus Senior Living, and Columbia Pacific Advisors. The joint venture will be the stalking horse bidder during a bankruptcy auction scheduled for May 17, 2010.  The Sunwest Management states that the sale of its facilities valued at $1.3 billion, includes a combination of cash, securities, and assumption of debt. The joint venture will purchase the majority of assets of the consolidated Sunwest enterprise.