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The court confirmed Kingswood's plan on November 10, 2021 after no confirmation objections were filed and the sole impaired class, Class 3 Bond Claims, accepted the plan source filing. The order set November 30, 2021 as the effective date and approved the refinancing transaction, including execution of the 2021 bond documents, automatic perfection of new liens, vesting of estate property in the reorganized debtor, and extinguishment of the Series 2016 bonds source filing.
The plan allowed Bond Claims at $56.37 million, waived the bondholder deficiency claim on the effective date, and exchanged the old bonds for pro rata shares of $27.0 million Series 2021B bonds and $12.05 million Series 2021D bonds source filing. The restructuring also added $5.5 million of Series 2021A bonds at 10.0% and $4.4 million of Series 2021C bonds at 7.5%, while preserving 100% treatment for allowed general unsecured claims and resident refund claims source filing.
Kansas City United Methodist Retirement Home, d/b/a Kingswood Senior Living Community, filed Chapter 11 in the Western District of Missouri on August 18, 2021, and immediately framed the case as a consensual restructuring of its tax-exempt bond debt rather than an operating shutdown source filing source filing. Kingswood is a Missouri nonprofit CCRC on a 30-acre Kansas City campus, serving roughly 275 residents across independent living, assisted living, skilled nursing and memory care, with about 185 employees source filing.
The filing targeted $51.77 million of Series 2016 senior living revenue bonds issued through the Industrial Development Authority of Kansas City, with UMB Bank, N.A. as master and indenture trustee source filing. The debtor filed a plan on day one, supported by a plan support agreement with a preponderant majority of bondholders, while proposing to assume residency agreements and pay non-bondholder allowed claims in full source filing source filing.
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