Orleans Homebuilders eyes exclusivity extension to close exit loan

By Caroline Salls

Pittsburgh, Jan. 25 - Orleans Homebuilders, Inc. is seeking a 60-day extension to its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive filing period to March 28 from Jan. 25 and the solicitation period to May 24 from March 25.

As previously reported, Orleans' plan was confirmed on Dec. 1. The company said it expects the plan to take effect shortly.

However, the company is seeking the extension "out of an abundance of caution" to allow it to close its exit facility and emerge from bankruptcy without any potential interference or distraction.

A hearing is scheduled for March 10.

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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