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Two more Sunwest-managed Oregon retirement homes file for bankruptcy
(Oregonian (Portland, OR) Via Acquire Media NewsEdge) Dec. 3--Two more Oregon assisted living homes managed and co-owned by principals of Sunwest Management in Salem filed for Chapter 11 bankruptcy this week.
Portland Senior Living LLC, which owns Hawthorne Gardens Assisted Living Community in Southeast Portland, and Stayton S.W. Assisted Living LLC, doing business as Lakeside Assisted Living Community, in Stayton, sought protection Monday from creditors in U.S. Bankruptcy Court in Portland.
A third Sunwest retirement home in Dallas, Texas, also took refuge in Bankruptcy Court.
Additional bankruptcies by other Sunwest-affiliated retirement homes are likely in coming days, most of them in response to a lawsuit filed against 20 different Sunwest-affiliated operations. Column Financial, a subsidiary of investment banking giant Credit Suisse, sued the Sunwest operations in early November, seeking to collect $159.5 million it had lent to the companies, said Al Kennedy, a Portland bankruptcy attorney representing the retirement communities.
The lender asserts that the Sunwest-affiliated operations went into default in September when it missed a $1 million loan payment, according to the lawsuit.
The bankruptcy filings bring to 13 the number of Sunwest retirement communities seeking protection from their creditors. The Salem company, Oregon's largest provider of assisted living housing, is struggling to survive a dire financial downturn. Its inability to get new bank financing has left it unable to pay its bills.
Clyde Hamstreet, a Portland business turnaround consultant, was given the reins in late November. Hamstreet said at the time that additional bankruptcy filings were probable.
Other Sunwest operations in Oregon likely headed for bankruptcy are the Colonial Gardens home in Woodburn and Spring Pointe in Grants Pass, Kennedy said.
Jeff Manning: 503-294-7606; jmanning@news.oregonian.com
To see more of The Oregonian, or to subscribe the newspaper, go to http://www.oregonian.com.
Copyright (c) 2008, The Oregonian, Portland, Ore.
Distributed by McClatchy-Tribune Information Services.
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