NY Retirement Community Seeks $199M Ch. 11 Refinance

Law360 (June 16, 2021, 10:56 AM EDT) -- The owner of Long Island retirement community Amsterdam at Harborside is seeking Chapter 11 protection in a New York bankruptcy court with a prenegotiated plan to refinance over $199 million in debt as it deals with a failure to attract enough residents.

According to Amsterdam House Continuing Care Retirement Community Inc.'s late Monday filings, the community's inability to attract enough new residents led to a "severe liquidity crisis" that was exacerbated by COVID-19 and left it unable to meet the debt obligations it took on after its previous bankruptcy seven years ago.

"This is a solvable situation," CEO James Davis said...

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