Friendship Village of Schaumburg pushes back sale hearing to Nov. 8

By Sarah Lizee

Olympia, Wash., Oct. 23 – Evangelical Retirement Homes of Greater Chicago, Inc., which does business as Friendship Village of Schaumburg, pushed back the sale hearing for its assets to Nov. 8, according to a notice filed Friday with the U.S. Bankruptcy Court for the Northern District of Illinois.

As previously reported, the company lined up a stalking horse agreement with IL CCRC LLC 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 auction was adjourned to Oct. 24. The debtor said this was done to allow the company, in consultation with the official committee of unsecured creditors and the bond trustee, to consider a competing bid.

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

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