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At least 16 CCRCs nationwide have filed for bankruptcy since 2020, the publication reports, with blame being placed on pandemic restrictions, labor shortages, higher wages and a rise in supply costs.
Continuing-care retirement communities are attractive for seniors who find themselves living in increasing social isolation as they age, [8] who would like to be immersed in a hospitable environment with other people of similar age [9] [10] and would like to plan for their long-term health care needs. [4]
Erickson filed for Chapter 11 bankruptcy in 2009. [5] The majority of that company's assets were purchased by Redwood Capital Investments, LLC for $365 million, and a new Erickson Living company was created as a subsidiary of Redwood Capital Investments, LLC. [6] [7] [8] The company was renamed Erickson Senior Living in 2021. [9]
On July 13, 2015, DonJon filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Connecticut with a debt of $32,509,549.91. Modern bankruptcy law often distinguishes reorganization , in which only some of the bankrupt's assets are taken, a repayment plan is devised and part of the debt is discharged , from ...
For Amanda Gan, a Celsius customer, the company’s bankruptcy and the uncertainty surrounding her $167,000 in crypto assets has led to “significant distress,” according to her letter.
Vi Senior Living is a high-end retirement community developer, owner, and management group based out of Chicago, Illinois, United States.Vi maintains 10 continuing care retirement communities (CCRCs) in six states, including Arizona, California, Colorado, Florida, Illinois, and South Carolina.
In conjunction with its filing for bankruptcy, Vintage has filed a notice for mass layoffs with California authorities after already cutting its workforce by at least 15% earlier this year and 7% ...
Post-bankruptcy filing, CMED's liquidator found itself probing an alleged $355 million insider fraud. In March 2017, the U.S. Department of Justice criminally indicted the CMED founder and CEO, as well as the former Chief Financial Officer, charging them with securities fraud and wire fraud conspiracy for stealing more than $400 million from ...