PEABODY-Brooksby Village?s management company Erickson Retirement Communities has chosen Redwood Capital Investments LLC as the successful bidder to acquire all assets of the company, subject to court approval.Terms of the transaction were not disclosed, but Erickson signed a definitive agreement with Redwood Capital, a Baltimore-based company, in October.Erickson received two qualified bids for the purchase of the company when the bidding process closed Dec. 14, and the qualified bidders took part in an auction Dec. 22.?We are pleased that the interests of Redwood Capital are well aligned with Erickson?s long-term growth strategy and the interests of all community residents,” said John C. Erickson, founder and executive chairman of Erickson. “Redwood Capital has the capital resources to address Erickson?s long-term needs and has assured us they support the actions Erickson feels are necessary to strengthen the company immediately and for the future. This sale marks a company milestone that creates numerous benefits for all members of the Erickson Community.”Erickson and Redwood Capital submitted an amended Plan and Disclosure Statement Dec. 23 to the U.S. Bankruptcy Court in Dallas, along with a request that the court schedule hearings to approve a revised disclosure statement and confirm any plan of reorganization.Once that hearing has happened, the companies can begin the process of completing all necessary actions to finalize the sale.According to Erickson officials, Redwood recognizes that Erickson has tremendous strengths, including a strong brand that is recognized for quality, value and the enhanced lifestyle that residents experience everyday.?Erickson Retirement Communities has a noble mission, a time-tested product, industry leading customer satisfaction and tremendous opportunities for growth,” said Jim Davis, who controls Redwood Capital. “Redwood Capital shares Erickson?s vision for improving the lives of seniors and we are excited to build on the legacy and success of the venerable brand.”In 1983, John Erickson founded Erickson with the opening of Charlestown, a full-service retirement community in Catonsville, Maryland, and has since expanded the number of communities to 19. He and his wife Nancy then created the Erickson Foundation, which funds various philanthropic organizations in Maryland and elsewhere.?The transition of Erickson?s ownership to Redwood Capital will promote the long-term stability of the developing communities National Senior Campuses sponsors,” said Ron Walker, chairman of NSC. “We look forward to working with Erickson, under new ownership and with restructured finances, reorganized businesses and fresh capital to fulfill NSC?s mission of providing the highest quality service and lifestyle to our residents.”