Clare Oaks receives final court approval for $6 million DIP facility

By Jim Witters

Wilmington, Del., March 8 - Clare Oaks received final approval Thursday for its $6 million debtor-in-possession financing facility from Senior Care Development, LLC, according to documents filed with the U.S. Bankruptcy Court for the Northern District of Illinois.

As previously reported, the DIP facility will mature on the earliest of July 31, 2012, subject to a one-month extension, the effective date of a plan of reorganization, the closing of a sale of all or substantially all of Clare Oaks' assets and the acceleration of the loan.

Interest is Libor plus 400 basis points.

Bartlett, Ill.-based Clare Oaks operates a continuing-care retirement community. The company filed for bankruptcy on Dec. 5. The Chapter 11 case number is 11-48903.

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