Friendship Village of Schaumburg to file liquidation plan soon

By Sarah Lizee

Olympia, Wash., Oct. 13 – Evangelical Retirement Homes of Greater Chicago, Inc., which does business as Friendship Village of Schaumburg, told the U.S. Bankruptcy Court for the Northern District of Illinois that it plans to file a Chapter 11 plan of liquidation by Oct. 18.

The company asked the court to schedule a disclosure statement hearing on Nov. 22.

The debtor is in the process of selling its business. The court is set to consider approval of the sale of substantially all of the debtor’s assets at a hearing scheduled for Nov. 1.

The company hopes to close the sale by Dec. 31.

In September, the company named IL CCRC LLC the stalking horse bidder for its continuing care retirement community in Illinois. The facility is comprised of 537 independent living units, 169 skilled nursing units, and 109 assisted living units.

The purchase price under the stalking horse agreement is $83.11 million.

The deal includes a breakup fee of $1.01 million and a $335,000 expense reimbursement.

The Schaumburg, Ill.-based retirement community filed bankruptcy on June 9 under Chapter 11 case number 23-07541.

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