Erickson Retirement Communities DIP financing extended to April 30

By Caroline Salls

Pittsburgh, April 22 - Erickson Retirement Communities, LLC received court approval to extend its debtor-in-possession financing maturity date to April 30 from April 17, according to a Thursday filing with the U.S. Bankruptcy Court for the Northern District of Texas.

The company will pay a $25,000 extension fee.

According to the motion, although the company's plan of reorganization has been confirmed, the extension is necessary to provide it with financing to continue operations through the plan effective date.

Baltimore-based Erickson Retirement develops full-service retirement communities. The company filed for bankruptcy on Oct. 19, 2009. Its Chapter 11 case number is 09-37010.

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