Retirement center will have new owner after bankruptcy hearing - WALB.com, South Georgia News, Weather, Sports

Retirement center will have new owner after bankruptcy hearing

ALBANY, GA (WALB) -

Residents of an Albany retirement center are optimistic they'll be able to stay in their homes after a bankruptcy court hearing.

Some residents of Seasons Christian Retirement Center thought they were giving much of their life savings to buy their homes, but that's not what their contracts stated. The property owner went bankrupt. Out of 15-bids, one resident says a bankruptcy judge late Tuesday approved a $3.9-million bid.

The new owner plans to take over on August 29th. The residents may get 8% or 9% of their money back after the bank and lawyers are paid. They believe the new owner will work with them on affordable rents. A bankruptcy judge will discuss claims with the residents sometime next month.

Copyright 2014 WALB. All rights reserved.

 

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