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St. Lawrence Homes - North Carolina home builder

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2009-02-02

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stories: newsobserver.com, stlh.com

Raleigh, North Carolina-based St. Lawrence Homes has filed for Chapater 11 bankrupty protection per the following notice on their website:

St. Lawrence Homes, Inc., a North Carolina based homebuilder with additional operations in Ohio, has announced that is has filed a Chapter 11 petition in the United States Bankruptcy Court in Raleigh, NC citing the national weakness of the residential construction and real estate markets. Additionally, the company has been challenged by the tightening of borrowing requirements placed upon it sources of operating credit. St. Lawrence Homes intends to continue its operations through this financial restructuring. St. Lawrence Homes expects to move quickly through the reorganization process and to emerge from its reorganization proceedings better capitalized and financially stronger.

The News & Observer has published an article on the filing noting that St. Lawrence's filing lists $158 million in assets and $116 million in liabilities. More than 400 liens have been filed against properties owned by St. Lawrence as of December 2008 and the company has reduced employees from over 100 to 25. Regarding the size of St. Lawrence Homes' operations, the News & Observer notes:

During the 12 months ending Sept. 30, St. Lawrence sold 183 homes throughout the Triangle -- down 27 percent from the same period a year earlier, Market Opportunity Research Enterprises data show.

St. Lawrence was founded in the late 1980s. If you have any further information on this listing, please comment below or 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.