Thursday, October 16, 2008

Pacific Lifestyle Homes of ORegon Files Chapter 11 Bankruptcy

A third Portland-area homebuilder has faltered amid the nationwide housing crisis.
Pacific Lifestyle Homes Inc. of Clark County says it will file Thursday for protection under bankruptcy laws. The 12-year-old company is one of the largest homebuilders in Oregon and southern Washington.

Earlier this year, Oregon builders Legend Homes and Renaissance Homes made similar Chapter 11 bankruptcy filings.

Pacific Lifestyle Homes founder Kevin Wann says the company has about $56 million in bank debt and the company has 24 employees — down from 115 people three years ago.
Wann's bankruptcy consultant Clyde Hamstreet says he expects the company will be restructured and survive.

Ugh, what homebuilder will go bankrupt next?

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