Current news for this company:
Maronda Homes - Residential
Leading right in with the first TimesOnline article:
Per PittsburghLive, the amount owed to the 14 banks totalled around $98 million (the entire credit facility is said to be $210 million -- BizJournals). Maronda is disputing the appraised value of the property serving as collateral on the loans (BizJournals) -- no indication yet on who is more likely accurate.
Given the above situation and that the builder is still decently cash-flowing, it appears this is very much a purely financial "implosion" than one threatening operations or presenting the prospect of liquidation.
Maronda lists assets of $500 million versus $100 million in liabilities. The Bloomberg article reports that Maronda also operates in Georgia, Kentucky and Florida.
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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.