Orleans Homebuilders gets extension of revolver waiver regarding covenants

By Sara Rosenberg

New York, Sept. 15 - Orleans Homebuilders Inc. received an extension until Sept. 29 of the limited waiver under its revolving credit facility that covers non-compliance with certain covenants and replaced those covenants with modified covenants, according to a news release.

The waiver was originally obtained on May 9.

The company currently anticipates reaching an agreement with its lenders to amend the revolver before the termination of the extended waiver period and prior to filing its 10-K for the fiscal year ended June 30, which is due to be filed on or before Sept. 29.

Orleans Homebuilders is a Bensalem, Pa.-based residential homebuilder.

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