Business Summary
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Alterra Healthcare Corporation is a national assisted living company operating assisted living residences and services in 24 states. As of December 31, 2002 and 2001, the Company operated or managed 383 and 430 residences with aggregate capacity of approximately 18,200 and 20,200 residents, respectively. As of December 31, 2002, 20 of the Company's residences were operated in joint venture arrangements with third parties, 18 of which were operated in unconsolidated joint ventures. The Company also assists its residents with the coordination of access to medical services from third parties, including home healthcare, rehabilitation therapy, pharmacy services and hospice care. These providers are often reimbursed directly by the resident or a third-party payor, such as Medicare. On January 23, 2003, the Company filed a voluntary petition for protection under Chapter 11 of the United States Bankruptcy Code. On December 5, 2003, the Company emerged from bankruptcy.
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