Orleans Homebuilders expects to emerge from bankruptcy by year-end

By Caroline Salls

Pittsburgh, Oct. 5 - Orleans Homebuilders, Inc. expects to emerge from bankruptcy before the end of the year, according to a company news release.

As previously reported, the disclosure statement for Orleans' plan of reorganization has been approved by the U.S. Bankruptcy Court for the District of Delaware. The plan confirmation hearing is scheduled for Nov. 16.

Under the plan, the company would emerge from Chapter 11 bankruptcy with less than $200 million in debt, down from more than $500 million in funded debt at the time of the filing on March 1, 2010.

"All the parties have worked closely and collaboratively, and we are very pleased to present a consensual plan of reorganization for creditor consideration," chief restructuring officer Mitchell B. Arden said in the release.

"This is a major and very positive step forward in Orleans' bankruptcy process and enables us to plan for the company's emergence before the end of the year."

Orleans Homebuilders, a Bensalem, Pa.-based developer, builder and marketer of single-family homes, townhouses and condominiums, filed for bankruptcy on March 1, 2010. The Chapter 11 case number is 10-10684.

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