Judge Signs Off On Kara Homes Disclosure Statement

Law360, New York (August 1, 2007, 12:00 AM EDT) -- A judge has approved the disclosure statement of bankrupt Kara Homes Inc. now that the company has come to terms with those who objected, a move that inches the company closer to emerging from Chapter 11 protection.

Judge Michael Kaplan of the U.S. Bankruptcy Court of the District of New Jersey signed off Monday after saying the disclosure statement contained adequate information. He filed his order on Wednesday, setting Sept. 12 for the hearing to consider confirmation of the company's reorganization plan.

He said that within...
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