Current news for this company:
DeLuca Enterprises - NJ tri-state homebuilder
A reader drew our attention today (2011-09-27) to the story of DeLuca, which had escaped our notice last year. The property subsidiary of the builder, DeLuca Homes, was unable to pay at least one of its sizeable bank loans, and had to move forward to liquidate under receivership. We are considering this an "implode" because clearly the property subsidiary was where the bulk of DeLuca's assets were. Of course, because they skillfully separated the builder from the portfolio, they appear to be able to continue operating without a hitch (the builder's home page is here).
More on the circumstances of the receivership from the article above:
The article also has some background on DeLuca:
DeLuca Enterprises, a privately held company in Yardley, has been in business for more than 43 years and had grown to become one of the top 150 largest builders in the country. It joins other local residential developers suffering from the housing downturn and recession.
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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.