CHICAGO — Bids to buy the assets of an upscale continuing-care retirement community in downtown Chicago are due by April 10, with holders of its $229 million of debt hoping for a competitive auction that results in a better recovery rate than the pennies on the dollar offered by an initial bidder.

U.S. Bankruptcy Court Judge Susan Pierson Sonderby in the Northern District of Illinois in Chicago last week approved the bidding terms and schedule proposed by The Clare at Water Tower. If additional qualified bids are received by the deadline, an auction would be held on April 12.

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