Epworth Villa’s Chapter 11 bankruptcy case closed by court

By Sarah Lizee

Olympia, Wash., March 27 – Central Oklahoma United Methodist Retirement Facility, Inc., which does business as Epworth Villa, had its Chapter 11 bankruptcy case closed on Monday by the U.S. Bankruptcy Court for the Western District of Oklahoma, according to an order.

The company’s plan of reorganization was confirmed on Dec. 21.

As a reminder, Epworth Villa, a retirement living community located in Oklahoma City, had about $76.46 million of outstanding notes payable to the Oklahoma County Finance Authority when it filed bankruptcy.

General unsecured claims and former resident refund claims are unimpaired by the plan.

For holders of existing bond claims, 85% of the existing bonds plus accrued interest through June 30, 2023 were to be exchanged for $66.7 million of 5 7/8% 24-year series 2023B bonds, and the remaining 15% plus remaining accrued interest through the petition date was to be exchanged for $13.72 million of 2% 24-year series 2023C bonds.

Holders of insured claims were allowed to seek liquidation of their claims by final judgment and collect and satisfy their claims from an issuer of a policy of indemnity insurance that provides coverage for the claims.

The treatment of the equity interest in Epworth Villa, held by Epworth Living, Inc., was to be determined by the actions of the impaired classes of claims.

The retirement living community is based in Oklahoma City. The company filed bankruptcy on Sept. 29, 2023 under Chapter 11 case number 23-12607.

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