Orleans eyes exclusivity extension to decide reorganization path

By Caroline Salls

Pittsburgh, May 14 - Orleans Homebuilders Inc. is seeking an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company is asking the court to extend the exclusive filing period to Sept. 27 from June 29 and the solicitation period to Nov. 26, 2010 from Aug. 28.

Orleans said it previously filed a motion to sell its assets, but it still has not decided whether to proceed with the sale process, move forward with a standalone reorganization or seek another alternative.

"Thus, there are important contingencies that are not likely to be resolved within the exclusive periods," the company said in the motion.

A hearing is scheduled for June 2.

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

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