Liquidity-Strapped Palm Harbor Files For Ch. 11

Law360, New York (November 29, 2010, 8:35 PM EST) -- Palm Harbor Homes Inc., which makes factory-built homes and provides related financing and insurance, has filed for bankruptcy amid a liquidity squeeze and plans on selling most of its assets to competitor Cavco Industries Inc. and Third Avenue Value Fund.

Dallas-based Palm Harbor, along with five domestic subsidiaries, submitted a petition for Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware on Monday, listing $321 million in assets and $280 million in debt. The filing is part of a move to partner with...
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