Wilmington Trust Appointed to Unsecured Creditors’ Committee in Orleans Homebuilders, Inc. Bankruptcy Case
March 15 2010 - 1:53PM
Business Wire
Wilmington Trust, a leading provider of institutional trustee,
agency, and administrative services through its Corporate Client
Services (CCS) business, said today that it has been appointed by
the United States Trustee to serve as a member of the unsecured
creditors’ committee in the bankruptcy of Orleans Homebuilders,
Inc. (OHI), which filed for Chapter 11 protection on March 1, 2010,
in the United States Bankruptcy Court for the District of
Delaware.
Wilmington Trust is trustee for the holder of approximately
$30.9 million junior subordinated debt guaranteed by OHI. OHI’s
bankruptcy filing poses no credit or investment risk to Wilmington
Trust, nor does it affect Wilmington Trust’s balance sheet.
Wilmington Trust is paid a fee for the services it provides in this
case.
Wilmington Trust’s CCS business offers institutional trustee,
agency, asset management, retirement plan, and administrative
services for clients worldwide who use capital market financing
structures, as well as those who seek to establish or maintain
nexus, or legal residency, for special purpose entities. Because
Wilmington Trust does not underwrite securities offerings or
provide investment banking services, it is able to deliver
corporate trust services that are conflict-free.
Wilmington Trust Corporation (NYSE: WL) is a financial services
holding company that provides Regional Banking services throughout
the mid-Atlantic region, Wealth Advisory services to high-net-worth
clients in 36 countries, and Corporate Client services to
institutional clients in 89 countries. Its wholly owned bank
subsidiary, Wilmington Trust Company, which was founded in 1903, is
one of the largest personal trust providers in the United States
and the leading retail and commercial bank in Delaware. Wilmington
Trust Corporation and its affiliates have offices in Arizona,
California, Connecticut, Delaware, Florida, Georgia, Maryland,
Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York,
Pennsylvania, South Carolina, Vermont, the Cayman Islands, the
Channel Islands, London, Dublin, Frankfurt, Luxembourg, and
Amsterdam. For more information, visit www.wilmingtontrust.com.
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