Kara Homes, Inc. and 21 affiliates file Chapter 11
On October 5, 2006, Kara Homes, Inc. (“Kara Homes”) filed a voluntary petition in this Court for relief pursuant to Chapter 11 of Title 11, United States Code (the “Bankruptcy Code”).
On October 9 and 10, 2006, each of the Affiliates also filed a voluntary petition pursuant to Chapter 11 of the Bankruptcy Code. Since their respective filing dates, the Debtors have remained in possession of their assets and continued in management of their businesses as debtors-in-possession pursuant to Section 1107 and 1108 of the Bankruptcy Code. The Debtors' cases are being jointly administered under the main case number 06-19262 (MBK).
Based on its filings to date, Kara Homes is the 90% member of each of the Affiliates. The Affiliates are limited liability companies that own and operate the several residential development projects that comprise the Debtors’ business operations.
On October 9 and 10, 2006, each of the Affiliates also filed a voluntary petition pursuant to Chapter 11 of the Bankruptcy Code. Since their respective filing dates, the Debtors have remained in possession of their assets and continued in management of their businesses as debtors-in-possession pursuant to Section 1107 and 1108 of the Bankruptcy Code. The Debtors' cases are being jointly administered under the main case number 06-19262 (MBK).
Based on its filings to date, Kara Homes is the 90% member of each of the Affiliates. The Affiliates are limited liability companies that own and operate the several residential development projects that comprise the Debtors’ business operations.
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