Fidelity
It's Chapter 22, and more restructuring, for a Chicago-area senior home
The senior living sector saw 29 first-time defaults in 2020, up from 12 in 2019, 13 in 2018 and 10 in 2017 and about $2.3 billion of senior living sector bonds remain default-impaired, according to data from Municipal Market Analytics.
“That's a function of the pandemic and how horribly it has impacted” the sector, said MMA partner Matt Fabian.
The sector is prone to repeat bankruptcies, especially when, as appears to be the case for Park Place, “the borrower was being too optimistic” in the first one, Fabian said.