The Asbury Park Press in New Jersey reported June 28 that the companies trying to raise Kara Homes Inc. from bankruptcy plan to oust company founder Zuhdi Karagjozi and change the name of the company.

The paper reported that under a plan filed with U.S. Bankruptcy Court, Glen Fishman, a local developer who has been an active redeveloper in Asbury Park, and Plainfield Specialty Holdings II Inc., a hedge fund based in Greenwich, Conn. plan to oust Karagjozi and change the name of the company to Maplewood Homebuilders LLC. The investors told the paper that Kara's creditors support the plan.

Under the plan, Maplewood would complete 471 homes in 13 of Kara's developments.