Randall Martin Homes Files Bankruptcy Plan in Arizona
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Randall Martin Homes, a closely held Arizona home developer, filed a revised recovery plan that will transfer ownership of the company to its lender, Mountain Funding LLC.
Charlotte, North Carolina-based Mountain Funding agreed to loan the developer $3 million to fund the plan once a bankruptcy judge approves it. In exchange, Randall Martin will hand over control of the reorganized company to Mountain Funding, according to court filings. The company filed its disclosure statement, a description of the plan, yesterday in U.S. Bankruptcy Court in Phoenix.