Judge Approves Ted Parker SaleAP , Associated Press
Aug. 27, 1999 9:11 AM ET
LUMBERTON, N.C. (AP) _ A federal bankruptcy judge has approved the $90 million sale of the majority of Ted Parker Home Sales Inc. to Champion Enterprises, the nation's largest mobile home maker and Ted Parker's main supplier.
The approval came Thursday in U.S. Bankruptcy Court in Wilmington, Del., and means hundreds of Ted Parker Homes customers may soon be able to complete their sales or request refunds of deposits.
Champion, based in Auburn Hills, Mich., will buy back all Champion inventory owned by Ted Parker Homes and its sister company, Carolina Home Sales Inc.
Champion has also agreed to buy the leases of 37 of Ted Parker Homes' 42 retail centers in North Carolina, South Carolina and Mississippi. The company may eventually buy the leases of the remaining five sales lots as well.
Ted Parker and Carolina Home Sales filed for Chapter 11 bankruptcy protection on July 22.
Lee Katz, director of reorganization for Ted Parker Home Sales, said the sale also may help about 400 Ted Parker Home Sales employees laid off two weeks ago.
Officials with both companies expect the sale to be completed next week.