CHICAGO — Holders of $229 million of debt issued for a now-bankrupt upscale continuing care retirement community in downtown Chicago would recoup just pennies on the dollar under an initial bid for the facility.

A hearing is set for Tuesday before U.S. Bankruptcy Court Judge Susan Pierson Sonderby, in the Northern District of Illinois in Chicago, during which The Clare at Water Tower will ask the court to approve the bidding terms on an asset sale as part of its restructuring plan.

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