Sears Methodist Retirement System Inc., a nonprofit operator of senior living facilities and veterans’ homes in Texas, filed a petition for Chapter 11 protection on June 10 in Dallas to restructure debt (In re Sears Methodist Retirement System Inc., Bankr. N.D. Tex., No. 14-32821, petition filed).
The system, which has about 1,400 employees, includes eight senior living communities in Abilene, Lubbock, Odessa and Tyler and three veterans’ homes in El Paso, McAllen and Big Spring. In addition to running the facilities, SMRS provides management and oversight services at some of the locations.
The filing was prompted by revenue ...
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