South Franklin Circle, a nonprofit continuing care retirement community, filed a pre-packaged chapter 11 with a plan to reduce its total secured debt by about 40 percent, Bloomberg News reported yesterday. The company listed assets of $167.2 million and debt of $166.3 million, measured by book value, as of Dec. 31 in chapter 11 documents filed yesterday. In fiscal years 2010 and 2011, the company had net losses of $9.3 million and $7.8 million, respectively.
