Sears Methodist Retirement System Inc. filed for chapter 11 protection on Tuesday to deal with some $160 million worth of funded debt obligations attached to its operations, which include senior living communities and homes for veterans, Dow Jones Daily Bankruptcy Review reported today. The Texas nonprofit organization is asking the U.S. Bankruptcy Court in Dallas to authorize it to quickly borrow $600,000 from existing bondholders, warning that it would be forced to cease operations without access to the funds.
