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T.H. Properties - PA-regional residential builder

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2009-04-21

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stories: nbcphiladelphia.com, thereporteronline.com

Update, 2011-03-08:

THP may have to throw in the towel: A real estate advisor who is a creditor in the bankruptcy has filed to force a Chapter 7, as neither he (nor many other advisors) have been paid in full.

THP has been in Chapter 11 since early 2009.

By way of background, we add here a link to THP's 2008 BuilderOnline "Builder 100" profile. The profile has THP has #104 builder in 2007 and #78 in 2008, with 501 2007 closings and 385 2008 closings. It looks like the builder did not rank prior to 2007.

T.H. Properties' website is here.

Original Writeup, 2009-04-21:

Harleysville-PA-based TH Properties (THP) has suspended operations and announced "restructuring". This is apparently on an open-ended basis, so we are provisionally listing the company as "imploded". The above-linked stories provide a transcription of a phone message from the company giving its statement:

"TH Properties, a Harleysville-based developer and home builder, as of April 21, 2009 has temporarily suspended it's operations and is actively exploring options to restructure it's ongoing business operations. Like other home builders across the country, the recession and the collapse of the housing market has had a negative impact on the company's operation. The company remains committed to an orderly restructuring of it's obligations in order to continue with construction and development efforts throghout the region. TH Properties would like to thank it's loyal vendors, valued employees, existing and prospective homeowners and the communities with which it has been operating during this difficult period."

A source assures us the company closed significantly more than 250 units per year at peak, so we are listing them as a "major" builder. If you can provide more details, please get in touch with 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.