CHICAGO — A federal bankruptcy court judge on Tuesday approved Senior Care Development LLC’s $40 million bid to purchase two Chicago area bond-financed continuing care retirement communities although the size of a final payout for bondholders remains unclear.

The two facilities are Monarch Landing in Naperville and Sedgebrook in Lincolnshire. In 2007, the Illinois Finance Authority issued $137 million of bonds, including $98 million of fixed-rate and $39 million of variable-rate bonds, on behalf of Sedgebrook Inc. Most remains outstanding, according to market participants.

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