Oakwood Homes auction set for Jan. 14

New York, Dec. 19 - Oakwood Homes Corp. said an auction for essentially all of its assets and those of some of its subsidiaries has been set for Jan. 14.

A hearing to approve the results will be held on Jan. 23 in the U.S. Bankruptcy Court for the District of Delaware.

The previously announced $373 million cash bid from Clayton Homes Inc., a subsidiary of Berkshire Hathaway Inc., will be the stalking horse offer, Oakwood said in a filing with the Securities and Exchange Commission.

The bidding procedures include an $11 million break-up fee payable to Clayton.

The sale of the company is expected to close by March 31.

Oakwood, a Greensboro, N.C., manufactured housing company, filed for Chapter 11 protection on Nov. 15, 2002.

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