Retirement Community Hurt By Recession Enters Ch. 11

Law360, New York (December 6, 2011, 7:55 PM EST) -- After failing to reach an agreement with its lenders about restructuring its debt, Clare Oaks, a continuing care retirement community in northern Illinois, filed for Chapter 11 bankruptcy protection Monday in Chicago.

The retirement community will continue to take on additional residents, including those who require a higher level of care, according to Michael D. Hovde Jr., president of the board of directors for the nonprofit organization.

“Our highest priority is ensuring the well-being of our residents, especially the excellent services, exceptional care, security and safety...
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