Orleans Homebuilders Inc., a third-generation firm based in Bensalem, Pa., has terminated a $170 million deal to sell most of its assets to a rival firm, NVR Inc.,
the
Philadelphia Inquirer
reported.
Orleans, which had filed for voluntary Chapter 11 protection on March 1, plans to emerge from bankruptcy in the fall and expects to resume building homes, the article said.
The … company, a builder for more than 90 years, said it expected to file a plan of reorganization in U.S. Bankruptcy Court in Delaware in late summer with the support of the company’s senior lending group.
The deal with NVR “was meant to establish a floor price that Orleans had hoped would lead to higher bids at an auction,” the article said. Orleans said an auction was no longer necessary.
The
Inquirer
report noted that Orleans trading on the American Stock Exchange was suspended March 5. (Source:
Philadelphia Inquirer,
May 20, 2010.)
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