By Becky Yerak
Secured bondholders are expected to recover roughly half, at best, of what they put into a bankrupt Keene, N.H., continuing-care community.
Prospect-Woodward Home, which does business as Hillside Village, said Thursday that bondholders with $64.6 million in claims are expected to recoup 38 cents to 51 cents on the dollar of what they're owed.
The business received a $33 million purchase offer in bankruptcy, and last week sought court approval to make an interim $24.7 million payment to the bondholders.
The company said it believes the bondholders have valid claims on virtually all assets but is temporarily setting aside $8.3 million of the proceeds, including to potentially settle other claims.
Write to Becky Yerak at becky.yerak@wsj.com
(END) Dow Jones Newswires
01-03-22 1606ET
