Retirement Village Files For Ch. 11 As Occupancy Falls

Law360, New York (June 14, 2011, 6:17 PM EDT) -- Facing lenders who refused to renegotiate existing debts and falling occupancy rates, retirement community operator Linden Ponds Inc. on Tuesday filed a prepackaged Chapter 11 bankruptcy plan in Texas that consists largely of an approximately $152 million bond exchange.

The filing lists estimated assets and liabilities of between $100 million and $500 million each, including an approximately $156 million state development bond hanging over the 108-acre continuing care retirement community in Hingham, Mass.

According to an affidavit filed by Paul Rundell, the plan administrator for Senior...
To view the full article, register now.