DALEVILLE, Va. - A continuing care retirement community in Botetourt County is no longer in bankruptcy.
Parent company Virginia Baptist Homes says The Glebe emerged from Chapter 11 bankruptcy last week.
The Roanoke Times ( http://bit.ly/QpLjAP) says the retirement community opened in Daleville in July 2005 and filed for Chapter 11 bankruptcy protection in June 2010.
According to a bankruptcy court filing, construction delays, the recession and a weak housing market resulted in a lower-than-expected occupancy rate between 2005 and 2007.
Virginia Baptist Homes president and CEO Randall Robinson says The Glebe has emerged from bankruptcy with a stronger financial foundation.
Information from: The Roanoke Times, http://www.roanoke.com
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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