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?
Showing posts with label Legend Homes. Show all posts
Showing posts with label Legend Homes. Show all posts
Thursday, October 16, 2008
Friday, October 10, 2008
Renaissance Custom Homes LLC of Portland Files Bankruptcy
Robert D. Miller Jr., the acting U.S. Trustee overseeing the bankruptcy proceedings for Renaissance Custom Homes LLC, has appointed a committee to represent the Lake Oswego home builders’ largest unsecured creditors.
Citing a weakened residential housing market, Renaissance sought protection from its creditors on Sept. 25 by filing under Chapter 11 of the U.S. Bankruptcy Code. It was the third major home builder to file bankruptcy this year.
Hal Keever, vice president of WH Pacific, will chair the unsecured creditors committee.
Other members include David Howells, president of Howells Custom Cabinets, Sean Loth, corporate officer of Precision Countertops; Chris Cory of Curtis Heintz Excavation Inc.; Thomas Courtney, vice president of TruGreen LandCare LLC; Scott Crawford, president of Rex Hill Masonry Inc.; Katherine Bailey, recovery officer for US Bank; Steven Johnson, chief financial officer of Parr Lumber Co.; and Kory MacGregor, president of Roth Heating & Cooling.
Renaissance had consolidated assets of $115 million and liabilities of $110 million as of June 30.
It simultaneously filed bankruptcy for three of its companies: Renaissance Custom Homes LLC, Renaissance Development Corp. and the Lakes at Fishers Landing LLC.
The company hopes to exit from bankruptcy by next spring.
Earlier this year, Legend Homes, Portland’s ninth-largest home builder, filed bankruptcy. Clackamas homebuilder Tony Marnella and three of his companies also filed bankruptcy this year.
Citing a weakened residential housing market, Renaissance sought protection from its creditors on Sept. 25 by filing under Chapter 11 of the U.S. Bankruptcy Code. It was the third major home builder to file bankruptcy this year.
Hal Keever, vice president of WH Pacific, will chair the unsecured creditors committee.
Other members include David Howells, president of Howells Custom Cabinets, Sean Loth, corporate officer of Precision Countertops; Chris Cory of Curtis Heintz Excavation Inc.; Thomas Courtney, vice president of TruGreen LandCare LLC; Scott Crawford, president of Rex Hill Masonry Inc.; Katherine Bailey, recovery officer for US Bank; Steven Johnson, chief financial officer of Parr Lumber Co.; and Kory MacGregor, president of Roth Heating & Cooling.
Renaissance had consolidated assets of $115 million and liabilities of $110 million as of June 30.
It simultaneously filed bankruptcy for three of its companies: Renaissance Custom Homes LLC, Renaissance Development Corp. and the Lakes at Fishers Landing LLC.
The company hopes to exit from bankruptcy by next spring.
Earlier this year, Legend Homes, Portland’s ninth-largest home builder, filed bankruptcy. Clackamas homebuilder Tony Marnella and three of his companies also filed bankruptcy this year.
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