After 28 months, Tempe-based Fulton Homes has reached a settlement that will allow them to emerge from Chapter 11 bankruptcy.

Lenders from ther Bank or America have agreed to take a personal loan from the CEO of the company and withdraw a former reorganization plan. Now the company can return to its normal organizations because the CEO will be creating a new reorganization plan.

In the new plan, the lenders will receive an upfront cash payment of $57.5 million and the balance will be paid installments in the next four years. 

If you or a loved one has been struggling with debt, you need experienced representation on your side. Contact the Arizona Chapter 11 bankruptcy lawyers of the Harmon Law Office, LLC, by calling 480-829-0494 today.