Friendship Village’s disclosure statement draws U.S. trustee objection

By Sarah Lizee

Olympia, Wash., Feb. 14 – Evangelical Retirement Homes of Greater Chicago, Inc.’s (Friendship Village of Schaumburg) disclosure statement for its Chapter 11 plan of liquidation drew an objection from Region 11 U.S. trustee Patrick S. Layng, according to documents filed Wednesday with the U.S. Bankruptcy Court for the Northern District of Illinois.

The U.S. trustee said the disclosure statement can’t be approved without modification because it doesn’t provide adequate information for creditors to decide whether to vote for or against the debtor’s second amended Chapter 11 plan of liquidation.

The amended plan was filed on Jan. 17.

“The disclosure statement needs to be amended with respect to certain defined terms, claims classification, and the third-party release and estate release provisions contained in the plan,” Layng said in the objection.

The Schaumburg, Ill.-based retirement community filed bankruptcy on June 9, 2023 under Chapter 11 case number 23-07541.

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