December 18, 2009
LAKE OSWEGO, OR – After 15 months of intense negotiations with banks and creditors, the U.S. Bankruptcy Court for the District of Oregon today approved the Plan of Reorganization developed and submitted by Renaissance Homes. The effective date of the emergence will most likely be in January 1, 2010 and the Judge issued this decision at 11:02 am.
Renaissance President, Randal S. Sebastian, said he was “appreciative” of the support the
company received from its various banks, suppliers and contractors, large and small,
and added that “without their cooperation we could not now be emerging from Chapter
11.” The Court has ruled that there was sufficient support for adoption of the plan that
Renaissance put forth to its creditors.
In September of 2008 Renaissance filed for Chapter 11 protection which provides for
the opportunity to reorganize and was authorized by the Court to conduct “business as
usual” during the period of protection. He added that “although the 15
months were difficult, we will take some valuable ‘lessons learned’ which will assist us
in the operation of our business in the future.”
While operating under bankruptcy protection, the company achieved more than $25
million in sales. Sebastian said that his company is exploring several different initiatives
which he believes will enable Renaissance to compete favorably in the Portland market.
“Of note is the fact that several area land owners, developers and banks and have
requested that we assist them in selling their land and lots by marketing and selling and
building our homes on their land. They recognize the value of our high quality homes
and reputation of Renaissance.”
“We have been fortunate to have had most of the key employees remain with the
company so we believe we are poised to create a ‘Renaissance’ for Renaissance Homes.
Our homeowners have historically relied on our quality of construction; our high degree
of ‘fit and finish;’ our state of the art green building techniques and beautiful
neighborhoods, ” according to Sebastian.
“Now, in addition to our existing neighborhoods, we will build our great homes on any
building site, anywhere in the Portland metro area. Instead of asking our buyers to
purchase only in our neighborhoods, we will also bring our homes to their
desired locations,” Sebastian indicted. He added that the Renaissance website,
Renaissance-homes.com enables new home purchasers a wide variety of options of
building sites in many neighborhoods around the Portland Metro area.
Renaissance Homes
16771 Boones Ferry Road
Lake Oswego, Oregon 97035
Voice: 503-636-5600
Fax: 503-635-8400
Emergency Service: 503-496-0711 or 866-567-6225
|