The Associated Press
10:34 AM EDT, October 3, 2012
DALEVILLE, Va. (AP)
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 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.