Eagle Senior Living Emerges from Chapter 11

Eagle Senior Living has completed a financial restructuring to emerge from Chapter 11 bankruptcy protection.

The company formed in 2018, through the acquisition of 16 communities formerly operated by Brookdale Senior Living (NYSE: BKD). But occupancy and cash flow challenges were “greatly exacerbated” when the Covid-19 pandemic hit, according to court documents, and the company eventually filed for Chapter 11.

Now, Eagle Senior Living has completed a financial reorganization “to achieve a more balanced and sustainable capital structure,” according to a press release issued Thursday, Sept. 8.


As part of that reorganization, the company engaged Blueprint Healthcare Real Estate Advisors to market a community called Vista Lake, in Florida. That community has been acquired by Atlantis Senior Living, which has a corporate headquarters in Brooklyn, New York.

The remaining 15 Eagle communities are operated by Greenbrier Senior Living, and remain open with uninterrupted services.

The restructuring plan also includes the funding of about $28.1 million in new money bond financing for a CapEx fund and an operating fund. And Series 2018 bonds — including tax exempt bonds totaling about $140.8 million — were exchanged for new Series 2022 bonds.


“I would like to thank our residents and their family members for their ongoing support, our business partners for their patience, and all of our loyal employees for their unwavering hard work and dedication to providing all residents with the highest quality of care as we have worked to complete this process,” said Todd Topliff, President of American Eagle Delaware Holding Company LLC. “We are optimistic about our future.”

Polsinelli was legal counsel and FTI Consulting was restructuring and financial advisor to Eagle Senior Living through the Chapter 11 process.

Eagle Senior Living is far from the only provider to experience financial distress in the midst of Covid-19. Senior living was “the municipal bond sector most directly harmed by the pandemic,” according to an April 2022 report from Moody’s Investor Services. 

Of 675 bond delinquencies and defaults between April 2020 to March 2022, 24% were related to senior living, Moody’s reported.

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