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Heritage Homes - Puget Sound-area residential builder

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2008-07-07

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stories: bizjournals.com

We don't have much on this company, but apparently they've filed bankruptcy:

Parry recently filed for Chapter 11 bankruptcy and is trying to offload the speculative homes in King County that have been his livelihood for the past two decades. The largest claims against his small company from his creditors — including several local banks — total more than $4.5 million, according to bankruptcy filings.

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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.