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Central Oklahoma United Methodist Retirement Facility, Inc., d/b/a Epworth Villa, entered Chapter 11 on Sept. 29, 2023 in the Western District of Oklahoma as a health care business with 100-199 creditors, $10 million-$50 million of assets, and $50 million-$100 million of liabilities source filing. The Oklahoma City nonprofit life plan community served about 401 residents and employed 345 people at filing; Ron Kelly said COVID-era occupancy and marketing disruption drove liquidity pressure and a November 2021 bond default on roughly $76.5 million of secured bond debt, with $14.85 million in entrance-fee escrow and up to $4 million of DIP financing arranged through BancFirst/Hamlin Capital clients source filing.
Judge Hall confirmed the Third Amended Plan on Dec. 21 after a Dec. 18 confirmation hearing, resolving or overruling objections from the U.S. Trustee and the Official Unsecured Creditors' Committee source filing. The plan restructures at least $80.4 million of allowed existing bond claims into $66.7 million of Series 2023B bonds and $13.7 million of Series 2023C bonds, pays general unsecured claims in full, preserves former resident refund claims at 100% under their residency agreements, and limits insured claims to applicable insurance proceeds source filing. The order set Jan. 9, 2024 as the plan effective date and approved the plan's releases, exculpation, bond exchange mechanics, and feasibility findings source filing.
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