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Deer Meadows asset sale set for Aug. 15

Deer Meadows Retirement Community, which filed for bankruptcy protection on April 25, asked Judge Eric L. Frank to approve an auction of its assets and has tentatively scheduled an auction for August 15.

Deer Meadows Retirement Community, which filed for bankruptcy protection on April 25, asked Judge Eric L. Frank to approve an auction of its assets and has tentatively scheduled an auction for August 15.

At the time of its bankruptcy, the continuing care retirement community in Northeast Philadelphia owed $23.9 million in bond debt. Some of those bonds sold this week for 27 cents on the dollar, which means that bond debt could be worth as little as $6.45 million.

Deer Meadows is also indebted to Beneficial Bank, with a balloon payment of $5.5 million due August 1. KPMG Corporate Finance L.L.C., the same investment bank that has been trying since last summer to sell nursing homes owned by the Archdiocese of Philadelphia, is assisting with the sale of Deer Meadows, according to court documents. - Harold Brubaker