Orleans Homebuilders Files For Ch. 11, Eyeing Sale

Law360, New York (March 2, 2010, 1:29 PM EST) -- Orleans Homebuilders Inc. has taken refuge in bankruptcy court — citing waning demand for new homes and turmoil in the credit markets — and is looking for a purchaser after failing to strike a deal for an extension of a $350 million credit facility.

Orleans Homebuilders and numerous affiliates filed for Chapter 11 protection in the U.S. District Court for the District of Delaware on Monday, listing assets of about $440 million and liabilities of about $498.8 million as of Dec. 31.

The bank group behind...
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