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Orleans Homebuilders board OKs CRO, financial adviser hirings
By Caroline Salls
Pittsburgh, March 22 - Orleans Homebuilders, Inc.'s board of directors has approved the hiring of Phoenix Management Services, Inc. affiliate PMCM, LLC as the company's restructuring financial adviser, retroactive to March 4, and appointed Phoenix Management managing director and shareholder Mitchell B. Arden as Orleans' chief restructuring officer, according to an 8-K filed Monday with the Securities and Exchange Commission.
The hiring and appointment are both subject to bankruptcy court approval.
Orleans said the CRO and his additional temporary staff from Phoenix Management will implement the company's restructuring plan, including assisting in completing its asset sale.
They will also communicate and negotiate with Orleans' bank lenders and their advisers and other parties of interest; oversee the preparation, monitoring and modifying of the company's cash flow forecasts and disbursements of cash; and oversee the preparation, monitoring and modification of all bankruptcy reporting.
Arden will collaborate with Phoenix Management's Vince J. Colistra, who will explore a sale of substantially all of Orleans' assets in conjunction with its investment banking professionals, BMO Capital Markets Corp., its mergers and acquisitions consultant, Lieutenant Island Partners LLC, its existing senior management and other interested parties.
Orleans Homebuilders, a Bensalem, Pa.-based developer, builder and marketer of single-family homes, townhouses and condominiums, filed for bankruptcy on March 1 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 10-10684.
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