Current news for this company:
Pathway Developments - Arizona developer
The Arizona Daily Star reports that Tuscon-based developer Pathway Developments filed for Chapter 7 bankruptcy protection on September 21. According to the article:
In addition to the wake of lawsuits filed against Pathway, which was founded by Michael Teufel (who also has filed for bankruptcy), the article notes that Pathway homeowners have been left with incomplete homes and unpaid construction loans.
Pathway Developments apparent website, pathwaydevelopments.com appears to be down.
One real estate website described Pathway Developments as following:
Based on the listed amount of debt Pathway Developments in their varying bankruptcy filings, we are classifying Pathway as a "major" implosion. However, we could use additional details as to their size including peak annual closings/homes built and employees. If you can provide any of this information, or elaborate on Pathway's closure, please let us know over email or post a comment below or in our forums.
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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.