Epworth Villa gives valuation, audit details in statement supplement

By Caroline Salls

Pittsburgh, June 26 – Central Oklahoma United Methodist Retirement Facility, Inc., which does business as Epworth Villa, received a prospective total going concern market valuation upon the completion of renovations of $48.08 million as of May 1, according to a report from Senior Living Valuation Services, Inc.

The prospective liquidation market value upon completion of renovations was $36.05 million.

The going concern value was previously set at $43.85 million as of Feb. 11, and the liquidation value was set on that date at $32.9 million.

On Thursday, Epworth Villa amended its plan of reorganization and related disclosure statement to reflect its audited financial statements for 2014 and its liquidation analysis, including the appraisal report.

BKD, LLP said in a letter to Epworth Villa and BancFirst’s boards of directors that it audited the company’s balance sheet as of Dec. 31 and related statements of operations and cash flows for 2014.

In connection with the audit, BKD said it noted that Epworth Villa failed to comply with the terms, covenants provisions or conditions of a mortgage and security agreement with the Oklahoma County Finance Authority (OCFA). OCFA’s rights have been assigned to BancFirst as indenture trustee.

BKD reported that Epworth Villa had a debt service availability loss of $11.59 million as of Dec. 31, with $10.59 million of debt service required.

The company had $10.61 million in unrestricted cash, cash equivalents and board-designated assets as of Dec. 31. Epworth Villa’s daily operating expenses for 2014 were $100,969.

The trustee said in a notice to bondholders that it is in the process of analyzing the information provided in Epworth Villa’s disclosure statement supplement.

Epworth Villa, an assisted living facility in Oklahoma City, filed for bankruptcy on July 18, 2014 in the U.S. Bankruptcy Court for the Western District of Oklahoma. The Chapter 11 case number is 14-12995.

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