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Denmark Homes - Home builder

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2008-05-01

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stories: bizjournals.com

North Carolina-based DenMark Homes has filed for Chapter 11 bankruptcy protection according to this article from the Triangle Business Journal. Per the article:

"Wake and Granville County and the area up north of Raleigh, it's going gangbusters," Stubbs says. "They're selling houses up there just as well as they ever did. But the market has slowed substantially in South Carolina."

DenMark Homes' sales were around $45 million in 2007. The company has both a residential development arm as well as a construction unit.

Major creditors include Wachovia, SunTrust, Stock Building Supply and Capital Bank. The company's assets are about $92 million, with liabilities of $73 million.

Citing the troubles in South Carolina, DenMark is seeking bankruptcy protection as it works on a plan to pay back creditors.

We are still putting together the detail of DenMark Homes' implosion; if you have any information regarding their ongoing restructuring, please let us know!

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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.