Legends Homes disclosure statement denied, path to approval outlined

By Jennifer Lanning Drey

Portland, Ore., June 16 - Legend Homes' disclosure statement for its plan of reorganization was denied by the U.S. Bankruptcy Court for the District of Oregon, according to a Monday filing.

In the filing, the court outlined steps the company must take to progress toward confirmation of its plan of reorganization.

Specifically, Legends has until July 15 to file motions determining the allowed amounts of the secured and unsecured claims of Wachovia Financial Services, Inc. and KeyBank, NA for the purposes of voting and distributions under the plan.

Legends then must circulate a draft of an amended disclosure statement to its lenders, official committee of unsecured creditors, the U.S. trustee and major constituents by July 31.

If no objections to the plan are filed by Sept. 4, the court may approve the disclosure statement without a further hearing.

Legend Homes is a Portland, Ore., developer, designer and builder of homes and condominiums that filed for bankruptcy on June 10, 2008. Its Chapter 11 case number is 08-32798.

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