Orleans Homebuilders' creditor wants Chapter 11 trustee appointed

By Lisa Kerner

Charlotte, N.C., March 29 - Orleans Homebuilders, Inc. is not considered fit to serve as debtor-in-possession by creditor Mona F. Mustafa who has asked the court to appoint a Chapter 11 trustee, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Mustafa believes Orleans "requires substantial oversight to protect the assets of the estate and the best interests of the creditors."

According to Mustafa, at least 24 potential creditors have been denied their due process rights.

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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