Cases & Deals

Clare Oaks restructures $75,000,000 of existing tax-exempt bonds

Clients Clare Oaks

Jones Day served as bond counsel to Clare Oaks, an Illinois not for profit corporation (“Clare Oaks”), in its debt restructuring as part of its Chapter 11 bankruptcy case. Clare Oaks owns a continuing care retirement community located in Bartlett, Illinois with approximately 164 independent living units, 17 assisted living units, 16 memory support units. and 120 skilled nursing beds.

Approximately $75,000,000 of existing tax-exempt bonds were restructured and approximately $14,000,000 of new tax-exempt bonds were issued. Jones Day assisted Clare Oaks in structuring the new bonds, revising covenants, and provided its approving opinion.