Orleans Homebuilders Inc. has received Court approval on several key motions that will allow the continued operation of its homebuilding and management services operations after filing for Chapter 11 protection.
Details of the Chapter 11 filing approval include:
Orleans filed for Chapter 11 bankruptcy protection after defaulting on a $350 million loan last month. The company had $440 million in assets as of the end of last year and liabilities of nearly $499 million. The Company and most of its operating subsidiaries filed voluntary petitions to commence the Chapter 11 process on March 1 in the U.S. Bankruptcy Court for the District of Delaware in Wilmington.