Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Healthcare Equipment & Services

Timothy Place Chapter 11 Petition, Plan Filed

Privately-held Timothy Place and affiliated Debtor Christian Healthcare Foundation filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Illinois, lead case number 16-01336. The Company, which owns and operates a continuing care retirement community, is represented by David A. Agay of McDonald Hopkins. Concurrent with its petition, the Company also filed a Joint Plan of Reorganization and related Disclosure Statement. The Disclosure Statement notes, "The Plan is the result of negotiations by and among the Debtors, the 2010 Bond Trustee, and the Consenting Holders. The Plan provides for the payment and/or full satisfaction of all Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed U.S. Trustee Fees, Allowed Other Priority Claims, Allowed Other Secured Claims, and Allowed General Unsecured Claims against the Debtors. The Plan also provides that the holders of Allowed Series 2010A Bond Claims, Series 2010B Bond Claims, Series 2010C Bond Claims, Series 2010D-1 Bond Claims, and Series 2010D-2 Bond Claims, in full and final satisfaction and discharge of and in exchange for such Allowed Claims, will receive their pro rata share of certain Series 2016 Bonds and payment in Cash on account of accrued and unpaid prepetition interest, as further set forth in the Plan. Ownership of the Debtors will not change under the Plan." Timothy Place's Chapter 11 petition indicates total assets greater than $100 million.

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