New bonds for Clare Oaks approved as part of restructuring plan

The Illinois Finance Authority approved $90 million in new bonds for Clare Oaks as part of a reorganization plan approved by the U. S. Bankruptcy Court earlier this month.  The bond exchange was part of the bankruptcy reorganization plan proposed by Clare Oaks and was approved by existing bondholders over a sale of the retirement community.  As part of the bond exchange, bondholders will lose about $23 million on the nonprofit retirement home.

For more on this story read, “Bondholders out $23 million on Clare retirement restructuring.”