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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.

Private equity firms Kayne Anderson Capital Advisors and Warburg Pincus are exploring a sale of Terra Energy Partners LLC, seeking as much as $2.5 billion, including debt, for the natural gas producer, Reuters reported. The buyout firms launched an auction process to sell their majority stake in Terra earlier this month with the help of an investment bank. The sources added there was no certainty over the price or timing of a deal, should one occur. Significant volatility in commodity prices, in particular, makes valuing assets hard, with sources pointing to a potential valuation of between $2 billion and $2.5 billion. U.S. natural gas prices have more than doubled this year as Russia's invasion of Ukraine has roiled global supply that was already squeezed by post-pandemic demand. U.S. natural gas futures hit $9 earlier in May for the first time since 2008, spurring on private equity firms to cash out on assets for top dollar.

The process to sell a historic Manhattan property that houses an off-Broadway theater venue should be overseen by an independent bankruptcy trustee instead of its owner, a judge ruled, WSJ Pro Bankruptcy reported. The property owner, 78-80 St. Marks Place LLC, sought chapter 11 protection from creditors in December, before the expiration of a forbearance agreement on a defaulted loan. Last month, mortgage lender Maverick Real Estate Partners LLC alleged mismanagement and self-dealing at the property, which also houses a tavern and a gangster museum, and asked that an independent trustee be named to oversee its financial restructuring. Bankruptcy Judge Martin Glenn yesterday rejected a request by property lawyer Andrew Gottesman that the business be allowed to run its own sale process, as is common in reorganizations, with help from a real-estate broker. Judge Glenn ordered that a chapter 11 trustee be named. Lawrence Otway, the owner of 78-80 St. Marks Place LLC, who oversees the businesses of Theatre 80, William Barnacle Tavern and the Museum of the American Gangster, told the court Tuesday that private property shouldn’t be seized without “just compensation.” “I beg the court not to destroy” decades of work and endanger his ability to support his family, Mr. Otway said. A “predatory” company shouldn’t be able to make a “predatory” profit during the COVID-19 pandemic, in the process depriving the community of a cultural resource, he said. The property has struggled since COVID-19, with its 2020 gross revenue falling to roughly $106,000 amid pandemic restrictions, court records show, down from about $800,000 a year before the pandemic. The property owner said it failed to refinance its mortgage loan ahead of a debt maturity due in December 2020.

Pareteum Corporation and certain affiliates, a global cloud communications-platform-as-a-service company, yesterday filed for chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York, according to a company press release. The company intends to execute a strategic asset sale under section 363 of the Code while addressing legacy issues. Prior to the filing of the company's chapter 11 cases, the company's board of directors and management evaluated a wide range of strategic alternatives and implemented a strategic asset sale strategy. After a thorough marketing process to obtain a stalking-horse bidder for a court-supervised sale process and as a result of arm's length negotiations, Circles MVNE Pte. Ltd. has combined with Channel Ventures Group, LLC to execute a stalking horse asset purchase agreement for substantially all of the assets of the company. Circles has agreed to acquire the company's Mobile Virtual Network Enabler business and associated contracts, and CVG has agreed to acquire the Company's Mobile Virtual Network Operator, IDM, iPass, and Small and Medium Business Enterprise businesses and associated contracts. These agreements are subject to higher and better offers, among other conditions, as well as approval from the bankruptcy court.

Riverstone Holdings LLC’s Talen Energy Corp. placed a collection of power plants into bankruptcy, planning to hand control of the business to bondholders after a cash crunch caused by surging natural-gas prices last year, WSJ Pro Bankruptcy reported. A group of unsecured bondholders have agreed to provide $1.65 billion in equity financing to Talen Energy Supply LLC, the entity in bankruptcy, to take control of its fleet of nuclear-, gas- and coal-fired facilities, one of the largest in the country, court papers say. Bondholders would also convert $1.4 billion in debt to equity, while the company’s $2.9 billion in secured debt would be paid in full. The Riverstone-backed company faced a liquidity crunch stemming from a gas-price rally last year that forced the company to post additional collateral under energy hedging contracts, according to court papers filed on Monday by the company’s financial adviser, Ryan Leland Omohundro. Talen operates 18 generation facilities with a collective capacity of roughly 13,000 megawatts, Mr. Omohundro said. Talen kept out of bankruptcy a cryptocurrency mining operation being constructed located close to the company’s Susquehanna, Pa., nuclear plant. Called Cumulus Growth, the project comprises a digital currency mining center as well as data centers and renewable energy and battery storage projects, the filing shows. Scheduled to begin mining bitcoin in the third quarter, it is one of several partnerships between crypto ventures and nuclear plant operators that aims to address environmental criticisms of bitcoin production by linking them to carbon-free nuclear generation.