(Updates with reason for filing in second paragraph.)
June 14 (Bloomberg) -- Linden Ponds Inc., which operates a 108-acre retirement community in Hingham, Massachusetts, sought U.S. Bankruptcy Court protection in Dallas, citing as much as $500 million each in assets and debts, including $156 million in state development bonds.
“Linden Ponds has suffered a substantial loss of revenue and lower than anticipated absorption rates” as a result of the struggling economy, limited access to capital and declining real estate values, Paul Rundell, plan administrator for Senior Living Retirement Communities LLC, said in court papers.
Senior Living is the sole owner of Hingham Campus LLC, which also sought protection today. Hingham was formed to purchase the land and has ownership until the community is sold to Linden Ponds.
Linden Ponds, which opened in 2004, is a 998-unit continuing-care complex. Seniors are offered services from independent living to skilled nursing, allowing them to remain in the same place as they age and their needs change. The community operates under a lease agreement between Linden Ponds and Hingham.
Senior Living, previously known as Erickson Retirement Communities LLC, the prior manager and developer of Linden Ponds, filed for Chapter 11 protection in 2009.
The case is In re Hingham Campus LLC, 11-33912, U.S. Bankruptcy Court, Northern District of Texas (Dallas).
--Editors: Glenn Holdcraft, John Pickering
To contact the reporters on this story: Dawn McCarty in Wilmington, Delaware, at firstname.lastname@example.org; Phil Milford in Wilmington, Delaware, at email@example.com
To contact the editor responsible for this story: John Pickering at firstname.lastname@example.org