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Looks Like Mercedes Homes Is Sticking Around.
I got the news today by email.
 
Mercedes Seeks to Exit Bankruptcy
Source: BIG BUILDER NewsPublication date: 2009-07-17
By Teresa Burney
Mercedes Homes announced today that it has struck a deal with its creditors and hopes to emerge from Chapter 11 bankruptcy by the end of September, eight months after filing for court protection.
If successful, Mercedes would be one of the first builders of its size to get out of Chapter 11 as a going concern. The Melbourne, Fla.-based builder said it plans to continue building homes if its reorganization plan, which was filed July 10, is approved.
Mercedes said in a news release Friday that the plan has the support of its secured creditors, banks, and the committee representing its unsecured creditors. Objectors to the plan will be able to lodge their complaints before a judge for the U.S. Bankruptcy Court for the Southern District of Florida rules on it.
The general terms of the proposed reorganization plan call for handing over the stock in the reorganized company to one of its two big creditors and the other creditor rewriting its loan to Mercedes.
The plan would void all the company's current common stock, which is held in an ... more

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