IHS of Cambridge
Indianapolis, Indiana
Tutera acquired this long term care facility from an affiliate of IHS in
conjunction with IHS’s chapter 11 proceeding pending before the United
States Bankruptcy Court for District of Delaware. Tutera, together with
FINOVA, which holds a first mortgage lien in the facility, worked in unison
to take back the operations from IHS. In
conjunction with the acquisition
of this facility, Tutera is providing the
new owner with access to a
$1,000,000 line of credit for which FINOVA
agreed to subordinate its first mortgage liens and security interests to
secure repayment of such loan.