Orleans Homebuilders, Inc. announced that George E. Casey, Jr. has been selected to lead the Company as it completes its financial reorganization and emerges from Chapter 11, targeted for year-end. Casey will function initially as a special advisor to the Chief Restructuring Officer until the new board of directors is elected.
“We have conducted an exhaustive search for the right leadership for Orleans, and we’re extremely pleased that George Casey has accepted the new leadership position,” said Mitchell B. Arden, senior managing director and Shareholder of Phoenix Management, who has been serving as Orleans’ chief restructuring officer. “George has a tremendous career in homebuilding across the country, much of it in our own markets. He thoroughly understands the issues, the environment, and what it takes to make Orleans successful. Upon emergence from Chapter 11, the new board of directors will name him Chief Executive Officer. The sponsors of our Plan of Reorganization fully support George’s appointment.”
Casey, 64, has devoted his entire career to real estate and homebuilding. During the mid-1980s, he rose to the position of senior vice president with Toll Brothers and was responsible for creating new homebuilding divisions. He went on to serve as CFO and Senior Vice President – Operations for Realen Homes, Inc. in Ambler, PA, during the time when that company was named National Builder of the Year by Professional Builder Magazine. Notably, as a divisional president for The St. Joe Company/Arvida, he was responsible for the development of Weston, FL, a 10,000-acre master planned community delivering 1,250 homes annually. He also served as president and/or CEO of regional homebuilders in Ohio, the Carolinas and California, and as General Manager of Verrado, DMB Associates’ 9,000-acre master planned community in Buckeye, AZ.
Casey indicated that he is “looking forward to leading the Company.”
Orleans and most of its operating subsidiaries filed voluntary petitions to commence the Chapter 11 process on March 1, 2010. The filing did not include certain of the Company’s subsidiaries, including its mortgage services subsidiary, Alambry Funding Inc., which provides mortgage brokerage services for customers and financial institutions, but does not underwrite any customer mortgages.
Orleans continues to make progress in completing its reorganization. Earlier this week, the Court approved the Company’s separation and settlement agreement with former CEO Jeffrey P. Orleans. The Company is currently completing its exit financing negotiations, which it expects to be finalized prior to its confirmation hearing, which has been rescheduled from Nov. 16 to Nov. 24, 2010.
Information about the reorganization, including copies of the Plan of Reorganization and the Disclosure Statement and links to other Court filings, can be found at www.orleanshomesreorg.com.
About Orleans Homebuilders, Inc.
Orleans Homebuilders develops, builds and markets high-quality single-family homes and townhouses. 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.