Tarragon Corp - Nationwide public home builder

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2009-01-12

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Nationwide condo/multifamily home builder Tarragon Corp. filed for Chapter 11 bankruptcy protection Monday. Per a Jacksonville Business Journal article:

The estimated number of creditors is between 5,001 and 10,000. Assets have been estimated at about $841 million and liabilities at about $1.035 billion, court records show.

The three largest unsecured creditors are listed as New York-based Taberna Capital Management ($125.9 million), New Jersey-based AJD Construction Co. ($2.9 million) and Fort Lauderdale-based Omni Boys North Ltd. ($1.03 million).

Per Tarragon's website (tarragonsite.com), Tarragon is headquartered in New York with offices in Connecticut, Florida, Tennessee and Texas. Their focus was on luxury high-rise towers and "currently has over 14,600 homes under active development and in its development pipeline."

We do not know how many employees Tarragon's bankruptcy will affect. If you can provide any information on Tarragon, 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.