Clare Oaks retirement village files for Chapter 11
Tribune staff
5:50 PM CST, December 5, 2011
Clare Oaks, a retirement community in Bartlett, filed for Chapter 11 protection Monday after failing to reach an agreement with its lenders about restructuring its debt.
The filing, in U.S. Banruptcy Court for the Northern District of Illinois, listed $105.5 million in outstanding debt on the facility that opened in 2007.
"Clare Oaks will continue to operate," Michael D. Hovde Jr., president of the non-profit's board, said in a press release. "Our operations, programs and services for our residents will not change. The job status of all employees remains the same, including their pay and benefits."
Clare Oaks, developed by the Sisters of St. Joseph of the Third Order of St. Francis, said it will accept new residents during reorganization. Life Care Services LLC, which serves 103 retirement communities across the country, will remain the management company for Clare Oaks.
Please read complete article at link below:
http://www.chicagotribune.com/business/breaking/chi-clare-oaks-retirement-village-files-for-ch-11-20111205,0,5381264.story
Tuesday, December 6, 2011
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