Judge Greenlights Kara Homes' Reorganization Plan

Law360, New York (October 3, 2007, 12:00 AM EDT) -- One year after filing for Chapter 11, Kara Homes is winding down its stay in bankruptcy protection, now that a bankruptcy court has confirmed the company's amended reorganization plan.

In an order issued on Sept. 26, Judge Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey gave Kara's final approval, just a few weeks after giving the proposal initial approval.

The plan will hand over ownership of the home builder to hedge fund Plainfield Specialty Holdings II Inc., private equity firm...
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