The Henry Ford Village, a bankrupt continuing care retirement community in Dearborn, Mich., intends to sell the 1,083-bed facility to pay off its debts.
A sale process “is the current anticipated plan” for restructuring under Chapter 11, Henry Ford Village’s attorney, Sheryl L. Toby of Dykema Gossett PLLC, said Friday at the nonprofit’s first day hearing in the U.S. Bankruptcy Court for the Eastern District of Michigan.
The continuing care community filed for bankruptcy Thursday, triggered in part by a $800,000 payment due in settlement of a class action.
The senior community’s unsustainable business model, which relies on entrance fees ...
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