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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.