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Corinthian Custom Homes, Inc. - Custom Home Builder

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2008-02-16

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stories: tennessean.com

The Tennessean has (dated Feb. 16) the news that this Franklin-based builder has filed for bankruptcy protection. Apparently the slowdown in business did them in: with a drop from about 150 homes in "normal" years to 70 last year.

A bit more on the bankruptcy circumstance:

The filing with the U.S. Bankruptcy Court in Nashville put the company's assets and liabilities at more than $1 million each.

Fifth Third Bank, American Security Bank & Trust, Bank of America, First Tennessee Bank, Colonial Bank, Green Bank and Community First Bank are key lenders that provided financing for construction, acquisitions and development.

Corinthian wants to reorganize, and continue as a smaller interest.

More on the company, from the article:

Corinthian has built homes in Davidson, Williamson, Wilson, Rutherford and Maury counties, Psillas said. Its Web site lists St. Regis Place in Brentwood and The Woods of West Meade among its communities.

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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.