Maronda Homes' plan of reorganization confirmed by bankruptcy court

By Lisa Kerner

Charlotte, N.C., Dec. 14 - Maronda Homes Inc.'s plan of reorganization was confirmed, according to a Wednesday filing with the U.S. Bankruptcy Court for the Western District of Pennsylvania.

The disclosure statement was approved in August.

As previously reported, the company will emerge from bankruptcy and continue its business with a revised credit agreement in place with most or all of its lenders.

Under the plan, all classes of creditors will be paid in full.

Treatment of creditors will include:

• The Bank of America secured claim will be paid in full for principal, interest, fees and expenses, subject to the offset amount;

• The GE Commercial Finance Business Property Corp. secured claim will be paid in full for all past due principal, interest and late fees, and the balance of the debt will be subject to and paid in accordance with existing loan documents; and

• Holders of administrative claims and general unsecured claims will be paid in full.

Maronda, a Clinton, Pa., homebuilder, filed for bankruptcy on April 18, 2011. Its Chapter 11 case number is 11-22418.

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