R-Anell Homes in Crouse, NC filed for Chapter 11 Bankruptcy on June 22, 2013. No word yet as to how they might be reorganizing. This is the latest modular home factory to file for bankruptcy or close their doors this year.
Definition of ‘Chapter 11’
Named after the
is a form of bankruptcy that involves a reorganization of a debtor’s business
affairs and assets. It is generally filed by corporations which require time to
restructure their debts.
Chapter 11 gives the debtor a fresh start, subject to the debtor’s fulfillment
of its obligations under its plan of reorganization. Chapter 11
reorganization is the most complex of all bankruptcy cases and generally the
most expensive. It should be considered only after careful analysis and
exploration of all other alternatives.
