Two senior care facilities in the Springfield area are for sale, according to parent company Christian Horizons.
The St. Louis-based senior housing company that 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 oversees 12 communities in Illinois, Indiana, Iowa and Missouri that provide senior assisted living and long-term health services. The Christian Horizons website lists all currently active locations.
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Ten of those churches, including all of Illinois, are for sale as part of a restructuring, said Dora Silvia, senior vice president of sales and marketing for Christian Horizons.
“We are just planning to show the location to interested buyers,” said Silvia. “At the moment we don’t expect anything to change.”
Silvia said there are about 200 people in rehab or assisted living at Lewis Memorial Christian Village and that over 50 positions are filled by qualified nursing staff.
The everyday lives of the seniors and employees of the residential complex are unlikely to change quickly until the building is sold to a new senior living company.
According to a court document related to the bankruptcy filing, the company has debts of around $75 million.
Silvia says part of the restructuring is assessing debt and determining how much each location earned post-COVID.
Healthcare Management Partners is participating in the restructuring and the company is working with legal advisors Dentons US and Summers Compton Wells.
“The restructuring is really just the case when we came out of the Covid pandemic like so many other companies. We looked at expenses, refocused and restructured,” Silvia said. “We filed for bankruptcy, restructured to make sure that employees were paid in day-to-day operations and that we complied with bankruptcy laws.”
The organizations said the bankruptcy was related to COVID-19. Due to lockdowns and the retention of new members after the pandemic, the organization lost nearly a quarter of its new residents over the past four years; and the labor shortage led to higher operating costs for the same level of care.
Claire Grant writes for The State Journal-Register about business, growth and development and other news topics. Reach her at [email protected]; and on X (formerly known as Twitter): @Claire_Granted
