GreenFields of Geneva forbearance extended, facility sale proposed

By Caroline Salls

Pittsburgh, July 5 – GreenFields of Geneva’s forbearance agreement with the indenture trustee for its series 2010A revenue bonds, series 2010B revenue bonds, series 2010C-1 tax-exempt mandatory pay-down securities and series 2010C-2 tax-exempt mandatory pay-down securities has been extended to July 11, according to a notice released by trustee UMB Bank, NA.

During the forbearance period, GreenFields will hold a board meeting to consider acceptance of terms offered by the trustee, including a requirement that GreenFields’ facility will be listed for sale or affiliation.

If GreenFields accepts the proposal, the trustee said it is likely that the forbearance agreement will be further extended to accomplish the marketing of the facility.

In addition, UMB said GreenFields requested funds from the trust estate to remediate mold in the HVAC system at the facility, and those funds will be available if it agrees to the proposed terms.

The bonds financed the development of a continuing care retirement center in Geneva, Ill.

Under the forbearance agreement, the trustee said it will not enforce any of its rights if an event of default occurs.

UMB has hired Mintz Levin Cohn Ferris Glovsky & Popeo, PC as its counsel and RBC Capital Markets as its financial adviser in connection with negotiations with GreenFields.

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