A Texas-based senior living center, Christian Care Centers Inc., filed for bankruptcy on Monday with a lead bid for its assets from Boncrest Resource Group Inc., a non-profit that provides healthcare and assisted living services, Reuters reported. Christian Care Centers, a faith-based non-profit, which was established in 1947, filed its chapter 11 case in the U.S. Bankruptcy Court for the Northern District of Texas. Christian Care Centers reported about $65 million in debt and is one of several senior living or skilled nursing facilities to seek bankruptcy protection since the onslaught of the COVID-19 pandemic. Boncrest has offered $44.25 million for the assets. “We are grateful to have found a buyer who shares our long-term commitment and values,” CEO Sabrina Porter said in a statement on Monday. Christian Care Centers has three campuses in North Texas that provide a combined 412 independent living units, 152 assisted living units, 77 memory care units and 119 skilled nursing units, according to a written declaration from chief restructuring officer Mark Shapiro. The company was already facing financial strain in 2018 and 2019, according to Shapiro. The pandemic exacerbated the issue as labor costs increased and residency rates declined, leaving the company unable to make debt payments. Christian Care Centers has about $85,000 in cash on hand, according to court papers. It received a $4.5 million loan under the Paycheck Protection Program in May 2020, which was forgiven in June 2021.
