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Sierra Pacific Homes LLC - Home Builder
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2008-06-28
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stories: azstarnet.com
The Arizona Daily Star has reported that Sierra Pacific Homes LLC (website) has filed for Chapter 11 bankruptcy protection. From the article:
A petition filed with the court provides estimates of $10 million to $50 million for the company's assets and debts. Chapter 11 bankruptcy allows a company to reorganize and pay off debts while it continues to operate.
Among the company's largest unsecured creditors are Colorado River Materials Inc., of Marana, which is owed nearly $500,000, Polaris Land Surveying LLC, of Tucson, which is owed about $18,000 and Tucson Patio Walls, of Tucson, which is owed about $12,000.
According to their website, Sierra Pacific is based out of Tuscon, Arizona, was founded in 1993 and has since built some 500 homes.
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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.