The Blackstone / Emeritus Joint Venture will become the stalkinghorse bidder in a bankruptcy auction that is scheduled for May 17.The pending sale was approved by US District Court Judge MichaelHogan.
The transaction will include a combination of cash, securities,and assumption of debt. The Blackstone / Emeritus Joint Venturewill purchase most of the assets of the consolidated Sunwestenterprise. Existing investors and other claimants in thebankruptcy estate will be permitted to exchange their claims foreither cash or up to 49% of the units in the venture.
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