CHICAGO — The Illinois Finance Authority board signed off Thursday on a $90 million financing package for Clare Oaks continuing care retirement community in suburban Chicago as part of a Chapter 11 reorganization plan submitted by bondholders.

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

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