Erickson Retirement, Greenspring, Files Bankruptcy

Oct 19th, 2009 | By LDDC | Category: DemNews

Senior housing giant Erickson Retirement Communities filed for Chapter 11 bankruptcy protection Monday afternoon and has agreed to sell itself to a Baltimore investment firm.

Catonsville, Md.-based Erickson said it has signed an agreement with Redwood Capital Investments LLC, controlled by Baltimore businessman Jim Davis, who is chairman of Hanover, Md.-based staffing agency Allegis Group Inc.

The company operates three communities in the Washington area: Riverwood in Silver Spring, Ashby Pond in Ashburn and Greenspring in Springfield.

Erickson expects the transaction, which is subject to court approval, to be completed in the first quarter of 2010. Both Davis and Erickson CEO Rick Grinrod declined to reveal the purchase price in separate telephone interviews Monday evening.

Full Article, at the Washington Business Journal

Tags: bankruptcy, Erickson, Greenspring, Greenspring Village

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