Va. Retirement Home Aims To Slash $84M Debt In Ch. 11

Law360, New York (March 4, 2013, 5:41 PM EST) -- Weighed down by construction costs and side effects from the housing collapse, a Virginia retirement community entered bankruptcy Friday with a prepackaged plan designed to restructure more than $84 million in debt during what it anticipates will be a quick stay in Chapter 11.

Virginia United Methodist Homes of Williamsburg Inc., a nonprofit continuing-care community with about 200 units, engaged in months of negotiation prior to filing and the resulting plan has the backing of its parent entity and the majority of its secured creditors, according...
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