BENSALEM, Pa., Feb. 14, 2011 /PRNewswire/ -- Orleans Homebuilders, Inc. ("Orleans") announced today it has completed its financial reorganization and emerged from Chapter 11 protection as a newly reorganized company. Orleans emerged with $160 million in new financing, including a $30 million revolving credit facility.
Orleans, which was publicly traded for many years, will now be privately owned. All of the old shares in the company have been cancelled. As part of the new corporate structure, a new board of directors was appointed. One of the new board's first actions is expected to be the appointment of homebuilding veteran George E. Casey, Jr. as chief executive officer. Mr. Casey has served as a special assistant to the Chief Restructuring Officer of the company since November.
"I am proud to take the helm of this terrific company and look forward to leading an energized team of professionals in the creation of quality homes and outstanding neighborhoods for our customers," Mr. Casey acknowledged.
Casey went on to say that, "there are many people to thank when a company completes a reorganization. The truth is that Orleans would not be where it is today without our employees and trade partners who have given their all through many challenging days over the past year. They continued to build the great homes and neighborhoods that are our true passion and to satisfy our customers despite the uncertain events surrounding the company."
Orleans and most of its operating subsidiaries filed voluntary petitions to commence the Chapter 11 process on March 1, 2010. Information about the reorganization, including copies of the Plan and the Court Order confirming the Plan, and links to other Court filings can be found at www.orleanshomesreorg.com.
About Orleans Homebuilders, Inc.
Orleans develops, builds and markets high-quality homes and neighborhoods. Its operations in Pennsylvania and New Jersey date back more than 90 years. The company serves a broad customer base including first-time, move-up, luxury, empty-nester and active adult homebuyers. The company currently operates in the following 11 distinct markets: Southeastern Pennsylvania; Central and Southern New Jersey; Orange County, New York; Charlotte, Raleigh and Greensboro, North Carolina; Richmond and Tidewater, Virginia; Chicago, Illinois; and Orlando, Florida. The company's Charlotte, North Carolina operations also include adjacent counties in South Carolina. The company employs approximately 200 people.
More information about Orleans and its properties can be found at www.orleanshomes.com.
SOURCE Orleans Homebuilders, Inc.