Construction Compliance Inc. (CCI) - Residential

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2007-04-03

stories: heraldtribune.com, sptimes.com, heraldtribune.com

Construction Compliance Inc., a St. Petersburg, Florida-based home builder filed for Chapter 11 bankruptcy on April 3, 2007. The Southwest Florida Herald Tribune reported that, "the troubled home builder listed total assets of $8,932,458.12 against total debts of $10,951,811.77."

Further to the Tribune's article, CCI left nearly 500 homes either "uncompelted or unstarted".

An article from the St. Petersburg Times noted the following regarding CCI's peak operations:

At the peak of the housing boom in 2005, CCI reported $63.1-million in income. But in recent months, CCI has sold its St. Petersburg headquarters and fired most of its 60 employees.

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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.