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Americabuilt Communities, Inc. - Residential

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2007-04-12

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stories: azstarnet.com

AmericaBuilt Construction Inc. (Affiliate AmericaBuilt Communities, Inc.) filed for Chapter 11 Bankruptcy on April 12, 2007. According to the Arizona Daily Star:

The companies, which made $12 million in sales last year, are reorganizing in response to the housing market downturn, which has resulted in fewer people getting financing for new homes, said Eric Slocum Sparks, company attorney.

The filings list as creditors numerous contractors owed as much as $238,000 for their work, as well as individuals who have paid deposits of up to $351,000 for homes under construction.

...

AmericaBuilt Communities has about $8 million to $9 million in secured debts — that is, debts to banks and financial institutions — and if AmericaBuilt Construction were to liquidate all its existing lots without developing them, the company could pretty much break even, Sparks said.

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Important: This company is on our list of builder operations that have "imploded" (see also ailing lenders). This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid declines in enterprise value; or abnormal "bail-out" by corporate parents or peers in order to continue to operate. The builders may be residential or commercial.