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Recession, Credit Crunch Force Erickson Retirement Communities to File for Chapter 11

Published Tuesday, October 20, 2009

Erickson Retirement Communities, one of the biggest developers and managers of seniors housing with 23,000 residents in 19 communities spread across 11 states, filed for Chapter 11 bankruptcy protection on Monday. The Baltimore-based company, founded by innovative businessman John Erickson in 1983, plans to restructure more than $1 billion in debt. The company also announced that it has agreed to be purchased by Redwood Capital Investments LLC, which is controlled by Jim Davis, the majority owner of the Allegis Group, a staffing services firm based in Hanover, Md. The U.S. Bankruptcy Court in ...

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