South Franklin Circle replaces $550,000 exit financing with new bonds

Jim Witters

Wilmington, Del., Nov. 21 - South Franklin Circle has amended its plan of reorganization, substituting $550,000 in new bond proceeds for $550,000 in exit financing, according to a Nov. 21 filing with the U.S. Bankruptcy Court for the Northern District of Ohio.

"This amendment simplifies the debtor's post-effective date debt structure without substantially changing the economics to any party in any material way," the company stated in its filing.

The company received consent to the modification of the plan from Judson, Hamlin Capital Management, LLC; Keybank NA; PNC Bank; JPMorgan Chase Bank, NA; and The Huntington National Bank.

South Franklin Circle is a Chagrin Falls, Ohio-based nonprofit continuing care retirement community. The company filed a prepackaged bankruptcy on Oct. 25. Its Chapter 11 case number is 12-17804.

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