Judge To Approve Orleans Homebuilders' Ch. 11 Plan

Law360, New York (November 30, 2010, 8:02 PM EST) -- A bankruptcy judge will approve Orleans Homebuilders Inc.'s Chapter 11 reorganization plan, which is strongly supported by creditors and will trim the single-family homebuilder's debt by more than $200 million.

At a hearing in the U.S. Bankruptcy Court for the District of Delaware, Judge Peter J. Walsh said Tuesday that he would sign off on the plan after the debtors submitted a revised form of order.

Joel H. Levitin of Cahill Gordon & Reindel LLP, an attorney for the debtors, said at the hearing that creditors...
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