A holding company behind an assisted living provider with about 50 small communities in Texas and Alabama has filed for chapter 11 protection, Senior Housing News reported. The company, CP Holdings LLC, owns or partially owns 50 subsidiaries operating 24-suite assisted living communities in rural markets, 10 of which operate facilities under the Country Place Senior Living brand, according to the June 20 filing. Also included in the bankruptcy filing is Pacrim, a six-employee CP Holdings subsidiary that aids with strategy, operations and finances as well as accounting and development. CP Holdings’ current liabilities total just over $83 million, with the majority owed to Hong Kong-based lender Tor Asia Credit Master Fund LP. CP Holdings has proposed selling its assets to Tor under a stalking-horse sale.
