Two Springfield area elderly assistance locations have been listed for sale according to their parent company, Christian Horizons.
The St. Louis-based senior housing company, which operates and owns Lewis Memorial Christian Village in Springfield and The Christian Village on South Seventh Street in Lincoln, filed for Chapter 11 bankruptcy on July 16, according to Senior Housing News.
The nonprofit company served 12 communities of independent living, assisted living and long-term health services for seniors across Illinois, Indiana, Iowa and Missouri. The Christian Horizons website lists all of their locations currently operating.
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Ten of those communities are listed for sale, including all of Illinois, as part of a restructuring according to Dora Silvia, senior vice president of sales and marketing of Christian Horizons.
“The only thing we foresee is that we are showing the location to interested buyers,” Silvia said. “At this time we do not anticipate any changes at all.”
Silvia said around 200 people were between rehab and assisted living at the Lewis Memorial Christian Village, with over 50 positions filled by skilled nursing staff.
The day-to-day life shouldn’t change anytime soon for seniors at the village or employees, until the building is sold to a new senior living company.
The company is in around $75 million in outstanding debt, according to a court document associated with its bankruptcy filing.
Silvia says part of the restructuring is the assessment of debt and how much each location was pulling in post-COVID.
Healthcare Management Partners is participating in the restructuring, and the company is working with legal advisors Dentons U.S. and Summers Compton Wells.
“The restructuring is really just when we came out of covid like so many places it was taking a look at expenses, realigning and restructuring is just that,” Silvia said. “Filing for bankruptcy we are restructuring just to ensure the day-to-day operation people are paid and we’re following those bankruptcy laws.”
The organizations cited the bankruptcy is related to COVID-19. Shelter-in-place policies and new member retention following the pandemic lost almost a quarter of new residents for the organization in the past four years; and worker shortages led to higher operation costs for the same provided care.
Claire Grant writes about business, growth and development and other news topics for The State Journal-Register. She can be reached at CLGrant@gannett.com; and on X (Formerly known as Twitter): @Claire_Granted
