The Kenney announced today that the West Seattle retirement community that their current lender has offered them an opportunity to reduce its total debt by 50%, provided it is refinanced by the end of 2014. Total face value of the debt is $21 million. The Kenney is pursuing the opportunity to reduce the debt to $10.5 million by seeking a new sponsor or lender. The Kenney is meeting all of its financial obligations and is current with its loan.

Moraine Byrne, President, Ontrac Management in charge of The Kenney said, "It is our goal to be transparent with residents and staff about The Kenney's financial picture and we met with both today to share this news. As this progresses and we have information to share about potential new sponsors, we will let residents, staff and the community know.