Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers E > Headlines for Evangelical Retirement Homes of Greater Chicago, Inc. > News item |
Friendship Village’s Chapter 11 plan draws objection from trustee
By Sarah Lizee
Olympia, Wash., April 18 – Evangelical Retirement Homes of Greater Chicago, Inc.’s (Friendship Village of Schaumburg) Chapter 11 plan of liquidation drew an objection from U.S. trustee Patrick S. Layng, according to documents filed Thursday with the U.S. Bankruptcy Court for the Northern District of Illinois.
The plan confirmation hearing is scheduled for April 30.
Layng said there are significant deficiencies with the plan, including improper third-party releases, and the inclusion of a settlement that the court lacks jurisdiction over and does not have the authority to approve.
The U.S. trustee also objected to the requirement that creditors opt out of the third-party releases, coupled with a “death trap.”
The Schaumburg, Ill.-based retirement community filed bankruptcy on June 9, 2023 under Chapter 11 case number 23-07541.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.