BARTLETT, Ill., Jan. 7, 2013 /PRNewswire/ -- Clare Oaks, a continuing care retirement community in Bartlett, Ill., today said it emerged from a year-long Chapter 11 bankruptcy protection on Dec. 31, 2012. The announcement was made by Michael D. Hovde, Jr., president of the Board of Directors for the not-for-profit organization, and was agreed to by its creditors and bondholders.
Clare Oaks voluntarily filed for Chapter 11 protection in Dec. 2011, after failing to reach an agreement with its lenders about restructuring its debt. Clare Oaks received approval from the Northern Illinois bankruptcy court for its new financial plan in Nov. 2012 and was issued new bonds from the Illinois Finance Authority on Dec. 20, 2012. New bonds significantly lower the community's debt and corresponding interest rates.
Hovde said occupancy rates remained stable during the reorganization period and Clare Oaks continued to accept new independent living residents, along with patients into its assisted living and nursing care communities. Additionally, its skilled nursing care center recently received a coveted Medicare four-star rating for outstanding health inspections, staffing and quality measures.
"Our new financing structure provides long-term stability plus releases funds to make capital improvements so that our community stays a top choice for those selecting senior living options from independent to assisted living and skilled nursing care," Hovde said.
Since its opening in 2007, Clare Oaks has been dedicated to providing superior care built on the foundation of mind, body and spirit inspired by its founder the Sisters of St. Joseph of the Third Order of St. Francis. Life Care Services, LLC, established in 1971 and currently serving 103 retirement communities across the country, continues in its role as the management company for Clare Oaks.
Located at 825 Carillon Dr. in Bartlett, Ill., Clare Oaks is a continuing care retirement community with 325 residents who live in a variety of apartments and cottages for independent living, residences for assisted living and memory support care, or a skilled nursing center where they can receive short-term rehabilitation services and skilled nursing care. For more info, visit www.clareoaks.com.
SOURCE Clare Oaks