Calumet Homes - Residential

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2007-04-20

Calumet Homes of northern Kentucky filed for Chapter 11 bankruptcy protection in April. According to this web article on the bankruptcy filing:

The April 16 filing lists assets of $5.8 million and liabilities of $5.6 million.

It also says there are more than 200 creditors involved.

"Due to the downturn in the new housing market that has been experienced across the nation, Calumet Homes found it was sitting on too many houses and did not have enough cash available," read a statement issued by company attorney Stuart Brown of O'Hara, Rubert, Taylor, Sloan and Sergent of Crestview Hills.

The article further notes that the owner of Calumet Homes had suffered a stroke in late March..

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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.