Oct. 20 (Bloomberg) -- Erickson Retirement Communities LLC, a developer of 20 senior living campuses, filed for bankruptcy, saying Redwood Capital Investments LLC has agreed to act as lead bidder for the company’s assets.

Erickson, based in Baltimore, listed more than $1 billion dollars in assets and liabilities in filings yesterday in federal bankruptcy court in Dallas.

Redwood’s offer, which is undisclosed, would be subject to competing bids and court approval. Company officials said it’s “in the best interests” of its creditors to seek bankruptcy with a proposed plan which would include “a sale of substantially all its assets” to Redwood, or a higher bidder, according to the filings.

At least 14 related entities also filed for bankruptcy protection today. Erickson has retirement communities in Pennsylvania, Texas, Virginia, Massachusetts, Maryland, Michigan, New Jersey, Kansas and Illinois, according to its web site.

The case is In Re Erickson Retirement Communities, 09- 37010, U.S. Bankruptcy Court, Northern District of Texas (Dallas).

To contact the reporter on this story: Karen Gullo in San Francisco at kgullo@bloomberg.net.

Last Updated: October 20, 2009 00:01 EDT