Park Place of Elmhurst borrowers’ disclosure statement hearing Feb. 23

By Caroline Salls

Pittsburgh, Jan. 29 – Park Place of Elmhurst Project Illinois Finance Authority revenue bond borrowers Timothy Place, NFP and Christian Healthcare Foundation, NFP’s disclosure statement hearing is scheduled for Feb. 23, according to a notice released Friday by Illinois Finance Authority revenue bond trustee UMB Bank, NA.

As previously reported, the borrowers, the trustee and some series 2010 bondholders reached an agreement in December that includes a restructuring of the series 2010 bonds. The borrowers filed Chapter 11 bankruptcy on Jan. 17 to implement the restructuring plan.

Objections to the disclosure statement for the plan are due by 5 p.m. ET on Feb. 19.

The borrowers’ cash collateral use agreement requires the plan to take effect by April 1.

The Chapter 11 cases were filed in the U.S. Bankruptcy Court for the Northern District of Illinois and are being jointly administered under case numbers 16-01336 and 16-01337.

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