Fulton Homes opposes creditors' plan

Bankruptcy has been good to Fulton Homes, according to documents the company filed in U.S. Bankruptcy Court last week stating that it intends to repay creditors in full, with interest, over the next five years. The Tempe-based homebuilder is trying to fend off a competing reorganization plan proposed by its creditors, led by Bank of America, that would involve liquidating the company and selling off its remaining assets. The bank claims Fulton Homes owes it more than $163 million. In two motions filed Friday, Fulton Homes' attorneys argue that terminating the company's operations is unnecessary and would be less beneficial to creditors and to the local economy.

Click here to view this article from its source.