West Tulsa retirement community Inverness Village filed a voluntary petition for chapter 11 protection to reorganize its debts, Tulsa World reported. The bankruptcy filing is part of an agreement for the sale of Inverness Village to Tulsa Hills Community Inc., a subsidiary of Covenant Living Communities and Services. According to court filings, Inverness has $62.3 million in total assets and $174.9 million in total debts. The board of directors wrote that it “fully evaluated all of the strategic alternatives available … and determined that in order to achieve the highest and best value for the sale of the Inverness Facility” that it would file the bankruptcy case. Inverness Village opened in 2003 and accommodates residents’ needs based on their required level of care through its integrated independent living facility, assisted living facility and skilled nursing and memory-care facilities. Asbury Communities Inc., the nonprofit, Maryland-based manager of Inverness Village, is listed as having a $37.6 million claim, the largest unsecured claim listed in the filing. Nineteen other parties, all residents, are named as creditors with unsecured claims.
