BusinessWeek reports that Palm Harbor Homes Inc. plans to file a Chapter 11 plan by the end of this week. Palm Harbor sold assets to Fleetwood Enterprises Inc. in April for $83.9 million. Palm Harbor pleadings to the bankruptcy court to extend exclusive filing rights until Aug. 8. The company also desires the exclusive right to solicit acceptances extended to Nov. 16. Hearing on the exclusivity motion is set for Aug. 16. Palm Harbor filed under Chapter 11 in November 2010. The petition stated assets were $321 million with debt totaling $280 million, including $34 million due Textron Financial Corp., and $53.8 million owing on 3.25 percent convertible senior notes due 2024.
(Image credits: Palm Harbor Homes corporate logo)