Oriole Homes - Florida Home Builder

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2008-09-02

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stories: palmbeachpost.com, sun-sentinel.com

The PalmBeachPost has reported that Boca-Raton, Florida-based Oriole Homes has filed for bankruptcy protection. They report:

Boca Raton-based Oriole Homes filed for an "assignment for the benefit of creditors," an alternative to bankruptcy, last month in Palm Beach County Circuit Court, said court-appointed assignee Phil von Kahle, managing director of Michael Moecker & Associates in Fort Lauderdale.

"The goal is to liquidate the company's assets for the benefit of the creditors," von Kahle said.

According to the Oriole Homes website (oriolehomes.com), they were founded in 1963 and "To date, we have built more than 25,000 homes in over 70 Florida communities."

They have specifically filed for Chapter 7 bankruptcy protection. At this time, we have not received further details as to the remaining assets of Oriole or how many employees their bankruptcy will affect. If you can provide additional details as to their filing, please email us.

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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.