Bankrupt Developer Pens Deal With Redwood Capital

Law360, New York (October 20, 2009, 3:21 PM EDT) -- Retirement community development giant Erickson Retirement Communities LLC, which slid into Chapter 11 protection on Monday, plans to sell its assets to investment company Redwood Capital Investments LLC for an undisclosed amount.

The agreement was revealed in papers filed in the U.S. Bankruptcy Court for the Northern District of Texas by Baltimore-based Erickson, which manages 19 retirement communities that house more than 22,000 residents.

According to Erickson, the deal has the support of the struggling company’s lenders, although the agreement still needs the go-ahead from the...
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