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Prime Development Inc. - Developer

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2007-11-02

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stories: bizjournals.com

The St. Louis Business Journal reports that home builder / developer Prime Development Inc. was forced into involuntary Chapter 7 bankruptcy. Prime Development was the devloper of a 149-lot subdivision among other projects. The bankruptcy bid came on the heels of liens that were placed on the company some nine months prior. According to the article:

Landreth Lumber Co. and Chapman Excavating & Concrete Co., both of Bunker Hill; South Roxana-based River Bend Contractors Inc.; and Mayfield Bros. Inc. of Staunton filed a joint petition Oct. 16, seeking to put Prime Development Inc. in Chapter 7 bankruptcy. In the filing, made in U.S. Bankruptcy Court for the Southern District of Illinois in East St. Louis, Landreth Lumber states it's owed nearly $978,000; Chapman Excavating, $35,000; River Bend, more than $60,000; and Mayfield Bros., about $8,500.

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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.