Senior Living Properties, LLC
Tutera took over the day-to-day management of
thirty-one (31) long
term care facilities located in the State of Illinois
which are owned by
Senior Living Centers, LLC (“SLP). These facilities,
together with an
additional fifty-five (55) facilities located in Texas which
are owned by
SLP but which are not managed by Tutera, serve as the
collateral for a $225,000,000 loan provided to SLP by GMAC Commercial
Mortgage
Credit Corporation (“GMAC”). Tutera was selected as the
replacement
third party manager for these thirty-one (31) facilities
following an
extensive interview process jointly conducted by SLP, GMAC
and ZC
Specialty Insurance Company, which has issued a surety bond in
the
amount of $140,000,000 to secure, in part, repayment of the
obligations
owing by SLP to GMAC. With this engagement, Tutera became
the largest manager of long term care facilities in the State of Illinois.
SLP filed a voluntary chapter 11 bankruptcy proceeding
in United States Bankruptcy Court for the Northern District of Texas,
Dallas Division, Case
No. 02- 34243-RCM-11. Tutera completed its term
as manager for these facilities 3 after assisting SLP with
the reorganization of its debts pursuant
to this proceeding.