The real estate industry has never had to so bad. After all, the sub-prime crisis is what it all started with and that is why people are scared of anything to do with realty. No wonder you see so many companies in the real estate space just about falling apart and filing for bankruptcy, all so often. The latest victim in this jamboree happens to be First community Village which is a not for profit housing complex for senior citizens. This is a community that fell into problems due to an expansion plan and it wants to go in for Chapter 11 in order to circumvent the effects of the financial troubles that it currently finds itself in.
First community Village wants to get into a kind of re-structuring plan whereby it can make good its debts and also restructure and reorganize the business so that it can become a unit of the National Church Residences which is based out of Upper Arlington. This is an organization that is committed to furthering the cause of senior housing as well as health care. The entity has assets close to between $50 million to $100 million and around $90 million in debt. There are a few creditors who want their dues to be settled at the earliest leading to the chapter 11 filing.