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2007-11-11

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stories: bgdailynews.com

Henson Homes, Bowling Green, Kentucky's largest home builder, filed for Chapter 11 bankruptcy protection. According to the Bowling Green Daily News:

The company, which will give up its practice of building speculative homes - 90 to 95 percent of what it has historically done - is an example of what happens when a builder is overinvested in the market, according to owners Mike and Todd Henson, the 20-year veterans of the construction market who organized Henson Homes in 2000.

...

Following the reorganization, the business will also focus on custom homes - but only after completing the sale of the remaining 28 or so "spec" houses they have on the market in Warren County, Nashville and parts of Gulf Shores, Ala. From 2000 to 2005, Henson Homes dominated and built up the local speculative housing market ...

The article goes on to note that Henson Homes employeed approximately 40 people and had "anywhere from 50 to 60 homes under construction at any given time".

The article indicates that Henson Homes plans on continuing business after emerging from bankruptcy. If you have any information regarding Henson, 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.