Erickson Emerges From Brief Stint In Ch. 11

Law360, New York (April 16, 2010, 2:46 PM EDT) -- A bankruptcy judge has approved Erickson Retirement Communities LLC’s reorganization plan that centers on the $365 million sale of all assets to investment firm Redwood Capital Investments LLC, allowing the company to exit bankruptcy after a little more than six months.

Redwood outbid private equity firm Kohlberg Kravis Roberts & Co. during an auction held in December. It agreed to buy all Erickson's assets, on the condition that a consensual plan of reorganization be approved by creditors no later than April 30, according to lawyers from...
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