The parent company of The Colonnades is facing bankruptcy, Reuters reports. Sunrise Senior Living is looking to reorganize, not go out of business, though they’re going to need some real accommodation from their creditors, since they’ve only got enough money to make it through the end of the month. They’ve got something like half a billion dollars in debt coming due in the next couple of years. The Colonnades is on Barracks Road, on the northern edge of town. I was visiting somebody there a few weeks ago, and it certainly seemed like one of the nicer senior living facilities in the area. Though it’s not clear how they’ll be affected at this point, this isn’t likely to be good for the place. Thanks to FM for the tip.
5 thoughts on “Colonnades Facing Bankruptcy”
Gosh, it seems no group is excluded from this economic morass. How stressful that must be for an elderly resident to have to move. Esp. those with more than the usual age related physical/mental problems.
Yikes, what exactly happens to elderly people in this situation when a place goes bankrupt?
I’m thinking about what would happen if someone had some level of dementia or Alzheimer’s and no children…. How would they find another place to live?
To compound matters, I imagine some residents maybe feeling the pinch if the value of their 401k dropped. Then to have to move and find a new place to live?
This isn’t a bad mall with closing stores. Bankrupt doesn’t mean the doors will shut. It just means that credtiors will have to make new loan conditons or just takeover. These places have real cash flow and still have great value. Real cash flow is very, very important in the current economy and will be protected. The worst I would expect would be new ownership.
I would guess that the chance of closing to be very slight.
These places have real cash flow and still have great value. Real cash flow is very, very important in the current economy and will be protected.
Don’t many of the residents “buy in” to cottages and apartments with significant sums, and then pay monthly fees to cover landscaping, meals, services, and health care costs not covered by their own (public and private) plans? I’m wondering what whatever sort of quasi-ownership these folks have might mean after company bankruptcy. Related note: wasn’t this “UVa-sponsored” or some such designation? What does that mean now?
Disclaimer: I’ve had relatives who were very happy to live their sunset years there.
That’s true. But hope the quality of care doesn’t suffer too much. I guess typical places to cut or look for savings might be food service, housekeeping and/or maintenance.
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