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Court Approves Kara Homes' Reorganization Plan

Law360 (September 13, 2007, 12:00 AM EDT) -- Bankrupt homebuilder Kara Homes Inc. has won approval from a bankruptcy court for its reorganization plan, setting the stage for the home builder's emergence from Chapter 11 and the completion of a dozen housing projects.

New Jersey Bankruptcy Court Judge Michael B. Kaplan approved Kara Homes' amended reorganization plan after a five-hour hearing on Wednesday. The plan, which is expected to close within the next ten days, will hand over ownership of the home builder to hedge fund Plainfield Specialty Holdings II Inc., private equity firm...
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