CHICAGO: A retirement community and its not-for-profit parent are currently considering a bankruptcy filing.
Residents of the independent living facility for senior citizens got letters last Monday informing them that the nonprofit operating the facility is considering bankruptcy and sale. The community has experienced operating losses since it opened about 13 years ago and sales of units have been “sporadic” since 2008, according to the letter.
The possibility of default has alarmed the more than 100 residents who made big payments to move into the community, which includes assisted living and a skilled nursing home…