Oakwood Homes unsecured creditors to receive 37% recovery

New York, Feb. 6 - Oakwood Homes Corp. said unsecured creditors will receive an estimated recovery of 37% of their claim under its revised plan of reorganization.

The Greensboro, N.C., mobile home company said it filed its plan - the second amended plan of reorganization - and disclosure statement with the U.S. Bankruptcy Court for the District of Delaware.

The plan incorporates the sale of substantially all the company's non-cash assets to Clayton Home Inc. under a sale agreement dated Nov. 24.

That $373 million cash bid from Clayton, a subsidiary of Berkshire Hathaway Inc., was the stalking horse offer in a subsequent auction.

Oakwood filed for Chapter 11 protection on Nov. 15, 2002.

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