Local Law Firms Home > Bankruptcy & Foreclosure News > Park Pointe Facility Files for Bankruptcy
“It sounds like bad news,” Borsellino said in a statement, “but it’s actually good news. It’s a plan of reorganization,” he added.
Borsellino mentioned bankruptcy was declared only for the one center on which he had loans. He did not have any loans taken out on the rehabilitation center. A financial institution has given him up to six months to come up with a refinancing and reorganization plan, he said, after which operations will resume as normal. He took out loans on more than one location, Borsellino said, and some were not cost-effective, and he went into default with the bank. Both Morris establishments have been cost-effective, he added, but the senior living established was impacted by Chapter 11 with the others.
“The only protection I had was to file Chapter 11,” he said.
Borsellino said the location will resume to operate as normal in the meantime., “The residents are being taken care of,” Borsellino said. “The employees are getting paid. Everybody’s getting their paychecks, the vendors are getting their checks, and everybody’s going to be fine,” he added.
The location for Park Pointe Morris Senior Living Facility is at 1221 Edgewater Drive in Morris. It is an independent living center that offers bath services, evening and morning care, laundry and much more.
Did you know?
Several filings are not in and of themselves against the law, but they may go against provisions of bankruptcy regulations.
Throughout the country, bankruptcy fraud statutes are especially concentrated on the mental state of certain actions.