Orleans Homebuilders Files Ch. 11 Plan, Disclosure

Law360, New York (August 13, 2010, 4:16 PM EDT) -- Bankrupt homebuilder Orleans Homebuilders Inc. has filed a Chapter 11 restructuring plan that will see the company slash its debt by more than $200 million when it exits court protection.

The plan, filed Thursday in the U.S. Bankruptcy Court for the District of Delaware, calls for holders of pre- and post-petition secured claims to receive a pro rata share of common stock in the reorganized Orleans, new notes and cash, with the payouts based on their relative priority.

Orleans said the plan would reduce the company's...
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