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December 19, 2013
Real Estate is arguably the industry hit hardest by the recent economic recession. When Orleans Homebuilders filed into bankruptcy last March, their prospects were bleak. With operations at that time in eight states, the likelihood of reorganizing seemed minimal. Four days later, Mitchell B. Arden, senior managing director and shareholder of Phoenix Management Services, took the reins as the Chief Restructuring Officer.
Just 9 months since filing its Chapter 11 petition, Orleans is ready to emerge from bankruptcy. The company’s Reorganization Plan was approved on November 30, 2010, and the Company is expected to emerge from Chapter 11 by the end of the year.
Speaking about the Confirmation approval, Mitch was recently quoted as having said”¦“We have reached an important milestone that signals Orleans will be ready to emerge from Chapter 11 protection with strong operations and less than half of the debt the company had just nine months ago,” stated Arden. “The success of Orleans’ reorganization is a testament to the hard work of our employees who have continued to build and sell Orleans homes, the support of our customers who recognize the value and quality of an Orleans home, the support of our Plan sponsors, who have shared the vision of Orleans’ management team and the around-the-clock effort and responsiveness of the Company’s counsel at Cahill Gordon & Reindel LLP. Of course, this could not have been achieved without the continuing support of our vendors and contractors, the vast majority of whom have stayed with us since the filing took place.”
Things have been going so well that this turnaround, in such a troubled industry, has been documented in two major publications. The Wall Street Journal featured Arden’s leadership of Orleans in an article in October. Big Builder Magazine featured Arden and Orleans in a four page spread called The Battle of Orleans. To see the whole article from Big Builder Magazine, click here.
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