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Builder Cancels Sale Agreement
A Bucks County building company has canceled an agreement to sell most of its assets. Instead Orleans Homebuilders, based in Bensalem, says it will file a Chapter Eleven reorganization plan in U.S. Bankruptcy Court with a goal of emerging in the fall and building homes that are under contract, but not yet under construction. Earlier this year the company was unable to reach an agreement with 17 creditors for an extension on loans totaling about $350 million dollars.