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10-02-09 Order Approving Distribution PlanSunwest Management News & Press Releases
October 2, 2009
JUDGE APPROVES SUNWEST MANAGEMENT DISTRIBUTION PLAN
Bankruptcy Reorganization Underway; Blackstone Continues Due Diligence in Potential Purchase
U.S. District Court Judge Michael Hogan has approved the Distribution Plan jointly filed last month by the federal equity receiver and the chief restructuring officer (CRO) overseeing the reorganization of Sunwest Management (Sunwest,) an Oregon-based senior living provider.
September 15, 2009
BLACKSTONE REAL ESTATE AND SUNWEST MANAGEMENT REACH AGREEMENT ON SALE OF SENIOR LIVING PROPERTIES
Acquisition of Sunwest Properties Will Require Court Approval
Sunwest Management (Sunwest), an Oregon-based senior living provider, and Blackstone Real Estate Advisors (Blackstone), a real estate private equity firm, have reached agreement on the terms of sale of up to 148 senior living properties controlled and managed by Sunwest.
September 11, 2009
Reorganization Update
Over the past several months, Sunwest Management has been working under the leadership of its chief restructuring officer Clyde Hamstreet and federal receiver Michael Grassmueck to reorganize the legal and financial structure of its business. Throughout the restructuring process, Sunwest has received expressions of interest in purchasing certain communities. In early September, the CRO and Receiver received an unsolicited offer to purchase all of the “Holdco” communities, i.e., those that will remain part of the operating company after the reorganization is complete.
August 26, 2009
Sunwest Receiver and Chief Restructuring Officer File Plan with Court
The court-appointed receiver and chief restructuring officer (CRO) overseeing the reorganization of senior living provider Sunwest Management (“Sunwest”) yesterday filed a distribution plan with the U.S. District Court in Eugene, Ore. A product of intensive financial, legal and business analysis and summer-long mediations involving numerous stakeholders – including investors, creditors, Sunwest insiders and secured lenders – the proposed plan consists of two key elements: 1) a process for enhancing the value of Sunwest assets, and 2) a methodology for equitably distributing that value to stakeholders owed as much as $2 billion. The plan does not affect the company’s senior living operations or quality of care, which will continue uninterrupted during the reorganization.
August 19, 2009
Sunwest Management Reports Solid Second Quarter Financial Results
Sunwest Management, a senior living provider based in Salem, reported solid financial performance for the second quarter of the year, with growth in revenue, net operating income (NOI) and occupancy. The favorable results follow several months of focus on operations and cash management.
August 12, 2009
Restructuring Update
The restructuring of Sunwest Management has proceeded rapidly during the summer and achieved several important goals.
Operationally, Sunwest shows renewed vigor and increasingly strong performance in its most important realm: providing quality care to residents.
March 10, 2009
U.S. District Court Formalizes Agreement
The U.S. District Court today entered an order formalizing an agreement reached between the Securities and Exchange Commission (SEC), Sunwest Management, Inc., former Sunwest CEO Jon Harder, investors and creditors in Harder's bankruptcy proceedings, and other related parties. The court's ruling culminates a week of negotiations between the parties after the same Court denied the SEC's request on March 2nd to freeze Sunwest assets and appoint a receiver.
March 2, 2009
Federal Court Denies SEC’s TRO Motion Against Sunwest Management, Inc.
Last Friday evening, attorneys for Sunwest Management, Inc., were notified by the
Securities and Exchange Commission (SEC) of its intention to proceed with charges of
fraud against Sunwest Management, Inc, Jon Harder, and certain closely affiliated
entities.
January 19, 2009
Sunwest Management, Inc., today announced the resignation of two of its top officers. Jon Harder has stepped aside as the President and CEO, while Curtis Brody has left the position of Chief Financial Officer.
January 19, 2009
Sunwest Management, Inc., announced today that a sale has been closed involving 45 senior living communities currently managed by Sunwest. The buyer, a large private equity investor, has contracted with La Vida Communities, part of the Senior Resource Group family of companies, to manage the properties once ownership and license transfers are complete.
December 31, 2008
Jon Harder, founder and CEO of Sunwest Management, Inc., today announced that he has filed a personal voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The Eugene filing is part of a larger effort to address the financial challenges facing Sunwest Management in the wake of national turmoil in the housing and credit markets.
November 21, 2008 - Updated December 30, 2008
Sunwest Management, Inc., has engaged Clyde Hamstreet to serve as Chief Restructuring Officer, a new position. Mr. Hamstreet will lead the restructuring effort for the senior housing company in an effort to preserve value, improve earnings, and help Sunwest meet its financial obligations.
Sunwest Management, founded in 1991, is one of the largest private senior living providers in the country and a significant Oregon employer. Headquartered in Salem, Oregon, the company serves residents in more than 200 communities in 31 states.
Hamstreet & Associates is a prominent turnaround firm based in Portland, Oregon. Principal Clyde Hamstreet has won national awards for leading complex turnarounds, and has a strong track record in saving jobs and core services in many industries.
For more information, contact: Steve Stradley (Sunwest Management) or Maren Cohn/Tom Decker (Hamstreet & Associates) at 503-375-9016
