Orleans Nixes Sale To NVR, Plans Bankruptcy Exit

Law360, New York (May 20, 2010, 1:35 PM EDT) -- Orleans Homebuilders Inc. has abandoned a deal to be bought out by rival NVR Inc. for $170 million and is planning instead to reorganize itself out of bankruptcy.

The bankrupt Pennsylvania real estate developer said Wednesday that it had received backing from its senior lenders — which includes (Wachovia) Wells Fargo Bank NA — to negotiate a reorganization plan. Orleans canceled a hearing that was to be held Friday in the U.S. Bankruptcy Court for the District of Delaware over bidding procedures for the asset sale....
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