Linden Ponds, Inc. & Hingham Campus, LLC File for Chapter 11 Protection in Texas


Affiliated entities Linden Ponds, Inc. and Hingham Campus, LLC voluntarily filed for chapter 11 protection earlier today in Dallas. The companies, which are related to Senior Living Retirement Communities LLC (formerly known as Erickson Retirement Communities, LLC), operate Linden Ponds which is a 108-acre continuing care retirement community located in Hingham, Massachusetts (approximately 20 miles outside of Boston). As of March, the community had "(a) 988 completed independent living units, 5 of which are units utilized for guest rooms and services, 869 of which are occupied units, resulting in an 87.9% occupancy rate of independent living units; and (b) 132 skilled nursing beds, of which 90 are occupied by residents, resulting in a 68% occupancy rate." However, upon completion of the facility (which opened in October 2004), it is expected to have up to 1,705 independent living units and 228 assisted living and skilled nursing beds. Hingham Campus, LLC owns the land on which Linden Ponds is located and Linden Ponds, Inc. operates the facility. It was anticipated, according to court filings, that Linden Ponds, Inc. would acquire the facility and the land on which it is located once the facility was completed.

The companies state that they "suffered a substantial loss of revenue and lower than anticipated absorption rates" due to a difficult market for senior living facilities as a result of the overall economy. Over the past two years, Senior Living Retirement Communities LLC and other affiliates of Hingham Campus and Linden Ponds have also sought chapter 11 protection in the same court (main cases were 09-37010 and 10-34176).

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