EXHIBIT 99.3


              OAKWOOD HOMES CORPORATION ANNOUNCES FILING OF AMENDED
                 PLAN OF REORGANIZATION AND DISCLOSURE STATEMENT

Greensboro, NC, September 9, 2003 - Oakwood Homes Corporation announced today
that it has filed with the U.S. Bankruptcy Court (the "Court") in Delaware an
amended Plan of Reorganization (the "Plan") and related Disclosure Statement. A
hearing has been scheduled on September 26, 2003 at which the Company intends to
ask the Court to approve the Disclosure Statement and to allow the Company to
solicit its creditors and seek confirmation of the Plan.

Myles E. Standish, President and Chief Executive Officer, stated: "The Plan
contemplates that we will emerge from bankruptcy by the end of November and that
our unsecured creditors will convert their claims into all of the outstanding
common stock of the Company. Existing shareholders would receive
out-of-the-money stock warrants as originally contemplated when we entered
bankruptcy in November 2002. In connection with the reorganization, the Company
expects to obtain new financing to replace its debtor-in-possession and other
existing credit facilities. It is anticipated that the Company's new revolving
and letter of credit facility will be secured by substantially all of the
Company's assets. In addition, the Plan assumes replacement of the Company's
warehouse facility and servicing advance facility. The Company is working with
various national lending institutions to convert term sheets for these
facilities into committed facilities and expects to receive commitments prior to
the September 26 hearing.

"The proposed Plan will leave Oakwood with virtually no long-term debt and will
position it to capitalize on the eventual recovery of the manufactured housing
industry. However, the proposed Plan is subject to further amendment, and there
can be no assurances that the Plan, as proposed, will be confirmed or that the
exit financing facilities will be finalized.

"The Company views the filing of the amended Plan and related Disclosure
Statement as an important step toward the successful conclusion of its
bankruptcy filing and very much appreciates the continued support of its
creditors, lenders, customers, suppliers and employees during this process."

Oakwood Homes Corporation and its subsidiaries are engaged in the production,
sale and financing of manufactured housing throughout the United States. The
Company's products are sold through Company-owned stores and an extensive
network of independent retailers.

This press release contains certain forward-looking statements and information
based on the beliefs of the Company's management as well as assumptions made by,
and information available to, the Company's management. These statements
include, among others, statements relating to the Company's expectation that the
Court will approve the amended Plan




and Disclosure Statement, as filed, on September 26, 2003, and that the Company
will successfully solicit its creditors and confirm the Plan; the expectation
that the Company will be able to emerge from bankruptcy by the end of November;
the expectation that exit financing facilities will be provided by national
lending institutions under the terms and conditions outlined in the amended Plan
and Disclosure Statement as filed on September 8, 2003; and the Company's belief
that the manufactured housing industry will eventually recover.

These forward-looking statements reflect the current views of the Company with
respect to future events and are subject to a number of risks, including, among
others, the following: competitive industry conditions could further adversely
affect sales and profitability; the Company may be unable to access sufficient
capital to fund its operations; the Company may not be able to securitize or
sell its loans or otherwise obtain capital to finance its retail sales and
financing activities; the Company may recognize special charges or experience
increased costs in connection with its securitization or other financing
activities; the Company may recognize significant special expenses or charges or
experience increased costs in connection with restructuring activities or the
reorganization; the Company may not realize anticipated benefits associated with
its restructuring activities (including the closing of underperforming sales
centers); adverse changes in governmental regulations applicable to its business
could negatively impact the Company; it could suffer losses resulting from
litigation (including shareholder class actions or other class action suits);
the Company could experience increased credit losses or higher delinquency rates
on loans originated; negative changes in general economic conditions in markets
could adversely impact the Company; the Company could experience lower recovery
rates than anticipated on the sale of repossessions; the Company could lose the
services of key management personnel; and any other factors that generally
affect companies in bankruptcy proceedings or in these lines of business could
also adversely impact the Company.

In addition, the views of the Company are subject to certain risks related to
the Chapter 11 bankruptcy proceedings, including the Company may not be able to
continue as a going concern; the Company's debtor-in-possession and other
financing activities may not be finalized, may be terminated or otherwise may
not be available for borrowing; the Company may not be able to securitize or
sell the loans that it originates or otherwise finance its loan origination
activities; the Company may not be able to obtain the Court's approval with
respect to motions in the Chapter 11 proceeding prosecuted by it from time to
time; the Company may not be able to develop, prosecute, confirm or consummate
one or more plans of reorganization with respect to the Chapter 11 cases; third
parties may seek and obtain Court approval to terminate or shorten the
exclusivity period that the Company has to propose and confirm one or more plans
of reorganization; the Company may not be





able to obtain and maintain normal terms with vendors and service providers; the
Company may not be able to maintain contracts that are critical to its
operations and the Chapter 11 cases may have an adverse impact on the Company's
liquidity or results of operation.

Should the Company's underlying assumptions prove incorrect or should one or
more of the risks and uncertainties materialize, actual events or results may
vary materially and adversely from those described herein as anticipated,
expected, believed or estimated.

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