Monday, March 1, 2010

Orleans Homebuilders Fails To Pay Off Revolving Credit Loan

"Orleans Homebuilders Inc. in Bensalem, PA, failed to obtain a maturity extension on its revolving credit loan agreement. Any temporary or long-term modification required the consent of 17 bank lenders.

As a result, the company is now in default and said it does not have sufficient funds to repay the amounts outstanding.

The company said it would consider it options including lining up new or modified funding sources; an in-court or out-of-court restructuring; a sale or recapitalization of the company; as well as continuing modification negotiations."

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