Clare Oaks gains court OK to extend DIP loan maturity to Aug. 31

By Caroline Salls

Pittsburgh, June 13 - Clare Oaks received court approval of an amendment to its debtor-in-possession facility that extends the maturity of the DIP loan by one month to Aug. 31 from July 31, according to a Tuesday filing with the U.S. Bankruptcy Court for the Northern District of Illinois.

The amendment also modifies some sale deadlines and increases the limit on reimbursable expenses by $25,000.

Under the sale milestones, an auction must be held by Aug. 14, a sale hearing must be held by Aug. 16 and the sale of substantially all of Clare Oaks' assets must close by Sept. 30.

The company will pay a $60,000 amendment fee.

Bartlett, Ill.-based Clare Oaks operates a continuing-care retirement community. The company filed for bankruptcy on Dec. 5, 2011. The Chapter 11 case number is 11-48903.

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