Orleans Homebuilders receives three-month exclusivity extension

By Caroline Salls

Pittsburgh, June 2 - Orleans Homebuilders Inc. obtained an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive filing period was extended to Sept. 27 from June 29 and the solicitation period to Nov. 26 from Aug. 28.

In the motion, 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 stand-alone 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.

As previously reported, Orleans has since terminated its asset purchase agreement to negotiate the terms of a stand-alone plan.

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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