Settlement and its subsidiaries face more than $2 million in liens for unpaid city, school district, state, and federal taxes dating to 2007. The U.S. Department of Housing and Urban Development has foreclosed on two of Settlement's apartment complexes for the elderly. The Philadelphia Redevelopment Authority has gone to court to reclaim $1.3 million it lent Settlement to buy the Germantown YWCA.
"Faced with significant debts and obligations, the organizations have decided to reassess and restructure their assets in order to raise the needed capital to support a five-year plan of recapitalization of the organizational family," a statement released by Settlement read.
" . . . Working with its existing boards, senior staff, outside advisers and legal counsel, the two organizations expect to emerge from the Chapter 11 as a much leaner organizations with renewed and strategic focus
Contact Christopher K. Hepp at 215-854-2208 or firstname.lastname@example.org