Portland, Ore.—May 11, 2010 —Legend Homes announced today that the U.S. Bankruptcy Court, District of Oregon has approved it plans for restructuring under Chapter 11. Jim Chapman, who joined the company 16 years ago, will hold the title of president and CEO, succeeding David Oringdulph as CEO of the Portland-based production homebuilder.  The company’s legal name will be Legend Homes Corporation.  Diane Jarvis will serve as Chief Financial Officer and Mike Goodrich will be the Director of Production and Vice President of the restructured company.

“This restructuring is an important milestone for the company,” noted Jim Chapman.  “Despite the effects of the industry downturn and recession, we are focused on the future and building homes optimized for the 21st century.”

Faced with a surplus of land debt and new home inventory as the economy weakened, Matrix Development, parent company of Legend Homes, filed for Chapter 11 in June of 2008. Since the filing, the Legend Homes leadership team has been trailblazing a new model of sustainable home construction and is the first production builder in the Northwest to systematize sustainable construction, solar energy system installation and multiple other green features, including energy and water efficiency, improved indoor air quality and responsible construction processes. The court announced today that the company has maintained the financial stability to successfully exit Chapter 11 on June 1.  The name of the newly restructured company will be Legend Homes Corporation.

“We believe Legend Homes is well-positioned to lead the reinvention of Oregon’s home building industry,” added Chapman.

About Legend Homes
Founded in Portland, Oregon in 1965, Legend Homes is the award-winning builder of more than 12,000 home sites, homes, town homes and condominiums in planned communities throughout Portland and Corvallis.  Their high-quality, green-built homes are crafted using advances in building science to ensure long-term ease of maintenance, structural integrity, better air quality and energy efficiency.  With five communities throughout the region, there are new homes designed to fit the needs of almost any prospective homebuyer.  For more information, visit www.legendhomes.com.

Editors note: Legend Homes President Jim Chapman is available for interviews. Call Mara Woloshin at 503-310-4504 for details.  Graphics and photographs that explain Legend Home’s sustainable construction practices are available electronically.