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Meyer-Sutton Homes, Inc. - Residential
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2007-06-04
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stories: boston.com
Georgia home builder Meyer-Sutton Homes Inc. filed for Chapter 11 bankruptcy protection on June 4th of 2007. Per an AP article on their filing:
Meyer-Sutton, of Fayetteville, Ga., listed total assets of about $44 million and debts of $40 million in its bankruptcy petition. Meyer-Sutton Homes and affiliate Meyer-Sutton Land Acquisition Inc. filed for Chapter 11 protection. Both companies are owned by James W. Buchanan.
"The housing market has suffered a dramatic decline in demand with the result problems of excess inventory and compressed profit margins," Buchanan said in court papers.
According to its bankruptcy filing, the company has cut new construction starts to two per month from 25 per month.
The article goes on to note that Meyer-Sutton was founded in 1994 and had $36 million in revenue in 2006. They intend to remain open throughout the bankruptcy proceedings.
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builderman at 16:58 2008-11-19 said:
It is a sad state of affairs but the owner of Meyer Sutton Homes in Georgia, took his own life on 11/15/08. He will be missed. http://www.fayettedailynews.com/article.php?id_news=2530 Permalinkadd a comment | go to forum thread
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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.