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Gateway Homes Inc. - Residential

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2008-02-04

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stories: omaha.com, ketv.com

Omaha, Nebraska-based Gateway Homes filed for Chapter 11 Bankruptcy protection according to the Omaha World-Herald.

Gateway said in court papers that it owes a total of $3.28 million in unsecured claims to its 20 largest creditors.

Court documents show Gateway's estimated assets are $0 to $10,000, but Ginn said that amount was mistakenly reported.

"If that box was checked, it would be checked in error," Ginn said, "because the total assets would be in the $1 million to $10 million range."

Ginn said Gateway's total inventory consists of eight custom homes under construction and 19 spec homes, which are homes without a specific buyer built on speculation that they will sell. Of the spec homes, some are completed and are models that prospective buyers can tour, while others were still under construction, Ginn said. Most are nearly finished, he said.

Gateway was a builder of homes priced between $250 and $400K. Per the World-Herald, Gateway actually shut their doors on January 22nd of this year.

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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.