Legend Homes requests exclusive plan-filing period extension through March 31, 2009

By Caroline Salls

Pittsburgh, Sept. 18 - Legend Homes requested an extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Oregon.

The company wants to extend its exclusive plan-filing period to March 31, 2009 and the solicitation period to June 30, 2009.

According to the motion, until it had the financial means granted through recent cash collateral orders to build new inventory, the company could not seriously evaluate the feasibility of a stand-alone reorganization with its business enterprise preserved.

In addition, until the cash collateral use was approved, the main focus of Legend's management team and professional advisers was in attending to the problems and administrative tasks associated with the company's Chapter 11 case and in securing the funding needed for business operations.

As a result, the company said little time has been available for analyzing its alternatives for restructuring its business and debts under a reorganization plan.

Legend Homes is a Portland, Ore., developer, designer and builder of homes and condominiums that filed for bankruptcy on June 10. Its Chapter 11 case number is 08-32798.

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