Oakwood Homes files amended plan of reorganization

New York, Sept. 9 - Oakwood homes Corp. said it filed an amended plan of reorganization and disclosure statement with the U.S. Bankruptcy Court in Delaware.

A hearing to approve the disclosure statement is scheduled for Sept. 26.

Under the plan, unsecured creditors will receive all of the company's stock. The company would then have virtually no long-term debt.

Existing shareholders will receive out-of-the-money warrants, as anticipated when the company filed for bankruptcy in November 2002.

The Greensboro, N.C. mobile home company expects to obtain a new revolving and letter of credit facility to replace its debtor-in-possession and other existing credit facilities. It will also be looking to replace its warehouse facility and servicing advance facility. Oakwood expects to have commitments in place by the Sept. 26 hearing.

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