The LaSalle Group, Inc.

The court confirmed the First Amended Joint Plan of Liquidation for Cinco Ranch Memory Care and Pearland Memory Care, two property-level debtors in LaSalle’s Autumn Leaves Chapter 11. The order approves sales of their assets to SH1 free and clear, with liens and claims attaching to proceeds, and uses credit-bid and cash proceeds to pay administrative, tax, convenience, and other allowed claims. Karen G. Nicolaou becomes liquidating trustee on the effective date, equity interests are extinguished, and the liquidating trust takes over remaining assets and distributions source filing.

The parent case began when The LaSalle Group, Inc. filed Chapter 11 on May 2, 2019, alongside West Houston, Cinco Ranch, Pearland, and Riverstone memory-care affiliates source filing. LaSalle developed and owned Autumn Leaves memory-care communities, with interests in 40 facilities, 37 open facilities, about 1,400 residents, and an aggregate workforce of about 1,400 employees with roughly $4.0 million in monthly payroll. The filing followed occupancy and rate pressure, about 30 pending lawsuits, and LaSalle’s inability to support roughly $85 million of guaranteed debt and lease obligations; property-level secured debt included about $8.1 million at West Houston, $5.9 million at Riverstone, $5.9 million at Pearland, and $7.9 million at Cinco Ranch source filing.