Current news for this company:
Renaissance Homes - Oregon luxury home builder
OregonLive.com has reported that Rnaissance Homes, one of "Oregon's highest profile home builders" is expecting to file for Chapter 11 bankruptcy protection this week. According to the article:
Apparently, falling land values violated certain loan covenants, which precipitated the need to refinance loans early in the summer. Even after refinancing much of this debt, vendors were not being paid, which resulted in liens being filed against the company and pushing the company to seek bankruptcy protection.
At peak, Renaissance had some 280 homes in construction at a time, and their highest sales month ever was February of 2007:
Renaissance was founded in 1984. Please let us know if you have any information with which we can update this post.
Karl Gates at 23:11 2009-03-08 said:I was talking with a friend the other day who owns a Renaissance Home. They seemed to be under the impression that they were already coming out of Bankruptcy. That would be great! They build such nice homes. Permalink
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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.