Orleans Homebuilders' disclosure statement OK'd by bankruptcy court

By Lisa Kerner

Charlotte, N.C., Sept. 29 - Orleans Homebuilders Inc.'s disclosure statement was approved by the U.S. Bankruptcy Court for the District of Delaware on Wednesday, according to an attorney familiar with the case.

The order will be delayed until Monday to allow for some editing, the attorney said.

A plan confirmation hearing is scheduled for Nov. 16.

Orleans Homebuilders filed its plan of reorganization and related disclosure statement in August.

As previously reported, the company said the plan would reduce its debt to less than $200 million upon emergence from more than $400 million at the time of the filing.

Orleans Homebuilders, a Bensalem, Pa.-based developer, builder and marketer of single-family homes, townhouses and condominiums, filed for bankruptcy on March 1, 2010. The Chapter 11 case number is 10-10684.

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