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TROY, Mich. - Champion Enterprises Inc. has voluntarily filed for Ch. 11 bankruptcy protection. The modular home maker anticipates its business will be sold, succumbing to the pressures the recession has placed on the housing market.
Champion said late Sunday that its bankruptcy filing does not include international operations in the U.K. and Canada.
"Despite our best efforts to reposition the company for diversified growth, the continued challenging economic conditions both here and abroad have negatively impacted our capacity for debt," Chairman, President and CEO William Griffiths said in a statement.
Champion expects to continue operating as normal during its restructuring and will use a $40 million debtor-in-posession credit agreement from some of its lenders to fund certain operating expenses and other obligations.
The company, which turned down a third-party purchase offer, anticipates a court-supervised sale and said it has received "initial indications of interest" from parties that want to participate in the sale process.
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