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Erickson Retirement Communities files for Chapter 11
* Estimated assets and liabilities of more than $1 bln
* Agrees to sell assets to Redwood Capital LLC
Oct 20 (Reuters) - Erickson Retirement Communities LLC, a U.S. retirement community developer, filed for Chapter 11 bankruptcy, and reached an agreement to sell its assets to Redwood Capital LLC, court documents showed.
In a filing with the U.S. Bankruptcy Court for the Northern District of Texas on Monay, Erickson Retirement Communities listed both estimated assets and liabilities of more than $1 billion.
Maryland-based Erickson Communities, which was founded in 1983, currently includes 19 campuses and houses more than 22,000 people and has about 12,000 employees.
The case is in re: Erickson Retirement Communities LLC, U.S. Bankruptcy Court, District of Northern Texas, No 09-37010. (Reporting by Sakthi Prasad in Bangalore; Editing by Valerie Lee)
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