After filing for bankruptcy in June, one of the nation’s largest nonprofit continuing care retirement communities has received bids from several interested buyers.

“That ensures the 46-year-old property’s Chapter 11 proceedings are on schedule and as far along as possible,” according to the Daily Herald, writing about Friendship Village of Schaumburg, Schaumburg, IL.

The names of the interested companies that submitted letters of intent have not been disclosed.

Citing financial losses related to the pandemic, Evangelical Retirement Homes of Greater Chicago, doing business as Friendship Village of Schaumburg, filed for Chapter 11 bankruptcy protection in US Bankruptcy Court for the Northern District of Illinois, Eastern Division, in June. The community is part of the Friendship Senior Options system.

According to a news release issued by the company at the time, stakeholders believed that “the best solution is to utilize the bankruptcy process to run a marketing and sale process to select a potential purchaser and, after an auction, a winning bidder.”

Friendship Village of Schaumburg, which opened in 1977, is ranked as the No. 22 largest individual campus among the nation’s 150 largest not-for-profit senior living communities in the nation on the 2022 LeadingAge-Ziegler 200 list.

According to its 38-page Chapter 11 filing, the company has between $100 million and $500 million in liabilities, approximately $10 million to $50 million in assets, and between 200 and 999 creditors.

The largest creditor is listed as UMB Bank, which holds an unsecured claim of about $75.4 million. Among its listed debts is money owed to dozens of families for entrance fees or deposit refunds, with individual debts ranging from more than $100,000 to $500,000. Resident deposits received after April 17 were to be held in escrow to protect deposited funds, according to the company, which indicated that it would address resident refunds “after a successful realignment and outcome is reached.”

Friendship Village of Schaumburg declined to comment to the McKnight’s Business Daily.