Barratt American - private home builder

This builder is based in Carlsbad, CA, and has run out of money, as the story linked above details:

The housing recession appears to have damaged the financial standing of Barratt American, a private builder based in Carlsbad. More than 40 civil lawsuits, many from subcontractors suing over failure to pay, have been filed against the company in the last six months.

Barratt American cannot afford to pay off the subcontractors, which include drywall and concrete companies, because of a credit crunch that has left banks unwilling to make loans ---- especially to companies with significant exposure to the housing downturn, said Michael Pattinson, president and one of the company's owners.

The builder is searching overseas and amongst non-traditional sources to find financing. However, they may find even those sources now hesitant to lend, as most of the Western countries one would borrow from (especially the UK) are now embarking on their own housing downturns, and no hedge fund wants to be the "greater fool".

The article remarked that Barratt built & sold about 500 homes a year at peak, though when the downturn hit in 2007, it only sold 125. One can see why that would really leave them in a lurch. Assuming 375 homes in inventory at $300k a pop, that is $112 million of expected revenue that did not come in.