Kara's Disclosure Statement Faces Objections

Law360, New York (July 16, 2007, 12:00 AM EDT) -- Kara Homes Inc. is facing a slew of objections to its amended disclosure statement, as the bankrupt homebuilder heads towards an approval hearing on Thursday.

At least seven objections have been filed in the U.S. Bankruptcy Court for the District of New Jersey since Friday, challenging the developer’s amended disclosure statement and Chapter 11 plan, filed on June 27. The objecting parties include a Kara employee, a New Jersey township and a utility.

The objectors are all Kara creditors who claim that the proposed disclosure statement...
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