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(USGovernment-News.Com, July 18, 2013 ) Albuquerque, NM -- A Chapter 11 bankruptcy claim has been filed by the corporation that owns Glenmoor, a retirement home at the World Golf Village. The corporation's CEO, along with an attorney in the case, stated the decision will not affect the current Glenmoor residents.
For the residents, there will be little or no change to their day-to-day lifestyle,” said Richard R Thames, managing partner of Stutsman Thames & Markey and a lawyer representing Life Care St. Johns in this case.
Glenmoor is a retirement community that spans 40 acres at the World Golf Village. The facility, which is known as a “life care-community,” is still offering assisted living and long-term care for elderly individuals.
The home has been open since 2001, and has 157 homes, 30 rooms for skilled nursing and 30 beds for full-time assisted living, according of the CEO of Life Car St. Johns Bruce Jones.
The Life Care St. Johns branch is listed as a nonprofit by the Florida Department of State. It has filed for Chapter 11 bankruptcy with the U.S Bankruptcy Court of Jacksonville. Since that time, Jones and officials hosted a session of questions regarding how the change would affect current residents.
“We reassured them that we had processes in place to continue to pay our vendors and provide their care,” he said.
The crash of the housing market and debt accrued from refund liability helped lead to the decision to file for the specific bankruptcy, according to Jones. “There were a number of factors which were tied to the economy,” he said.
In 2008, more individuals moved out or died than were able to move into the Glennmoor building. Most of those who moved in signed contracts that allowed refunds on their deposit. As the number of dead or relocated individuals grew, Glenmoor's liability grew. Bonds that were sold in 2006 were also significant debt builders during the crash of the market. The bond debt is now nearly $55 million, with the liability totals reaching $7.8 million. “We look forward to coming out of this process as soon as possible as a much stronger company,” said Jones.
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