Orleans Homebuilders: bankruptcy court confirms reorganization plan

By Lisa Kerner

Charlotte, N.C., Nov. 30 - Orleans Homebuilders, Inc.'s plan of reorganization was approved by the U.S. Bankruptcy Court for the District of Delaware "pending the submission of an updated proposed confirmation order, which was filed shortly after the hearing," according to Rafael X. Zahralddin-Aravena, counsel to the debtor and managing shareholder of Elliott Greenleaf in Delaware.

As previously reported, under the plan Orleans 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.

The company said previously it expects to emerge from bankruptcy by year end.

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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