Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Aug. 12 (Bloomberg) -- Orleans Homebuilders Inc., the 92-year-old Bensalem, Pennsylvania-based homebuilder, filed a Chapter 11 reorganization plan that it said will cut its debt by about half to less than $200 million.

The plan doesn’t provide for distributions to holders of equity interests, the company said today in a statement distributed by PR Newswire.

“We have spent the past few months negotiating with those holding more than 80 percent of the company’s secured debt to reach an agreement in principle with respect to a reasonable and fair treatment for all creditor classes,” Mitchell B. Arden, the company’s chief restructuring officer, said in the statement.

The company listed assets of about $440 million and debt of about $499 million as of Dec. 31, according to a statement filed March 1, the same day it sought bankruptcy protection. The builder was forced to seek bankruptcy after failing to win the unanimous consent required from its 17 lenders to extend the maturity of a $350 million loan.

The case is In re Orleans Homebuilders Inc., 10-10684, U.S. Bankruptcy Court, District of Delaware (Wilmington).

To contact the reporter on this story: Edvard Pettersson in Los Angeles at

To contact the editor responsible for this story: David E. Rovella at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.