Debt burden is lifted
COLUMBIA ?The executive committee of Asbury Communities, Inc., cancelled the Conference?s balance of $500,000 remaining from a 10-year $1 million debt on March 19. The committee wiped from its books the debt the conference had owed from a transaction that turned over Reeders Memorial Home to Asbury Communities in June 2000.
Asbury invested several million dollars in Reeders to rehabilitate its aging buildings and pay off its accumulated debt. Reeders sold its assets in January 2007 to Consulate Health Care, Inc. Thus, 'the Conference is no longer required to pay Asbury the remaining $500,000 otherwise owed to Asbury,' the enabling document stated.
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