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2008-02-01

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stories: builderonline.com

In a deal not unlike the implosion of Dunmore Homes, Inc., Trend Homes has been purchased by private investment firm Najafi Cos. only to file immediately for Chapter 11 bankruptcy protection.

The Builder Online News Service reports:

According to a Najafi Cos. press release, the investment firm plans to buy Trend Homes for $65 million, but the deal is subject to a U.S. bankruptcy court approving a Chapter 11 reorganization plan submitted by Trend Homes.

...

Trend Homes was listed as No. 85 in the 2006 BUILDER 100, with $303 million in revenues and 926 closings.

The article notes that Trend Homes listed between $100 to $500 million in assets and a like amount in liabilities.

If you have any further infomration regarding the sale and subsequent bankruptcy filing of Trend Homes, please let us know.

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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.