Current news for this company:
American West Development - Las Vegas-area homebuilder
We won't rehash the content from the link above that hits all the major points of the bankruptcy... here are the highlights:
It looks like the banks have realized it is better for them to just take the hit on this one, possibly indicative of the current trend. The numbers above imply an approximately 26 cents on the dollar recovery for American West's creditors, which in the case of Wells Fargo would imply a $32.5 million loss on $44.4 million, and in the case of Bank of America, a $17.95 loss on $24.5 million.
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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.