Orleans To Sell Most Assets To NVR For $170M

Law360, New York (April 14, 2010, 12:57 PM EDT) -- Just a little more than a month after filing for Chapter 11 protection, home developer Orleans Homebuilders Inc. has made a deal to sell nearly all its assets to rival NVR Inc. for $170 million.

The asset purchase agreement will be the “stalking horse bid” for a substantial portion of Orleans' assets, which includes land, home construction that is in progress, and “intangible assets” for communities, the company said in a statement Tuesday.

Orleans filed a motion for approval of bidding procedures related to the planned...
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