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Erickson Retirement seeks bankruptcy protection

Erickson Retirement Communities files Chapter 11, agrees to be bought

  • On 5:21 pm EDT, Monday October 19, 2009

BALTIMORE (AP) -- Erickson Retirement Communities says it has filed a voluntary petition for Chapter 11 bankruptcy and has agreed to be purchased by Redwood Capital Investments LLC.

Erickson spokesman Mel Tansill says the bankruptcy filing in Dallas and the agreement with Redwood took place on Monday. He says Erickson must restructure its debt to complete the sale.

Tansill says Erickson will also reorganize by separating its management and real estate arms.

The actions require court approval. Erickson expects approval in the first quarter of 2010.

Erickson operates 19 retirement communities with 23,000 residents.

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