CHICAGO — The federal bankruptcy court in Chicago has confirmed a reorganization plan for a suburban Chicago retirement community that advances plans for a proposed restructuring of its $116 million bond issue from 2006.

Judge Pamela S. Hollis of the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, approved the plan submitted by the bond trustee and letter of credit bank for Clare Oaks at a hearing Nov. 15.

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