Epworth Villa disclosure statement lacks information, committee says

By Sarah Lizee

Olympia, Wash., Oct. 31 – Central Oklahoma United Methodist Retirement Facility, Inc.’s (Epworth Villa) disclosure statement for its Chapter 11 plan of reorganization drew an objection from the official committee of unsecured creditors, according to documents filed Monday with the U.S. Bankruptcy Court for the Western District of Oklahoma.

The committee said the disclosure statement should disclose the position of the Oklahoma Securities Commission that Epworth Villa engaged in the sale of unregistered securities and the impact upon the plan of potential fines and penalties that could be assessed against Epworth Villa by the Oklahoma Securities Commission.

The disclosure statement should also disclose whether Epworth Villa will seek to defer payment to former residents of entrance fee refunds until the former residences of such residents are leased to new occupants, Epworth Villa’s plans for renovating former residences, the number of former residents impacted by Epworth Villa’s decision to defer refund payments, and the total amount of such deferred refund obligations, the committee added.

The retirement living community is based in Oklahoma City. The company filed bankruptcy on Sept. 29 under Chapter 11 case number 23-12607.

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