Sunwest to fire after being acquired by Blackstone 0
Sunwest Management inc., the Salem based community management institution will lay about 150 workers at its head quarters. It was once the largest manger of assisted and senior living centers across America.
This was announced after the Blackstone Real Estate Advisors gave the winning $1.35 billion bid at the bankruptcy auction to acquire all of the left over 149 of Sunwest Properties. Sunwest is going to eliminate all or most of the 150 jobs after the third quarter when the deal closes and it becomes a part of Blackstone Real Estate.
Sunwest Management Inc’s founder and many other executives face charges for securities fraud that were filed by U.S. Securities & Exchange Comision in Oregon. Along with this multiple malpractice lawsuits are also pending against the law firms that took the opinion of its 1200 investors to increase bank debt.
Sunwest Management Inc., was once a $2 Billion dollar company that had about 300 senior facilities under its belt. Its corrosion began in 2007 with the closure of credit markets and in 2008 bankruptcy was declared after the company couldn’t pay its debt. This company was brought by Blackstone by teaming with Emeritus Corp and Columbia Pacific Advisors.
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