Whittaker Builders - Missouri Home Builder

St. Charles, Missouri-based homebuilder Whittaker Builders, a top 200 home builder as recently as 2007 (builderonline), has filed for Chapter 11 bankruptcy protection according to the St. Louis Business Journal:

Whittaker Builders was the fifth-largest homebuilder in the St. Louis metro area in 2008, but the down real estate market hit the St. Charles, Mo.-based homebuilder hard. Whittaker Builders' revenue declined from $93.3 million in 2006, to $82.7 million in 2007 and $29.2 million in 2008. The company shed nearly half its work force, from 288 employees in 2007 to 150 employees in 2008. ...

"Whittaker Builders Inc. intends to work with its constituencies to emerge from bankruptcy as quickly as possible while executing a plan of reorganization that preserves the company's long-term business objectives," the company said in a statement. "The decision to pursue reorganization under chapter 11 comes after exhaustive efforts to refinance or extend maturing debt outside of chapter 11. Over many months, Whittaker Builders Inc. has endeavored to negotiate with its creditors to obtain the necessary time to develop a long-term solution to the credit crisis facing both the company and the nation as a whole. Unable to reach an out-of-court consensus, WBI reluctantly concluded that restructuring under the protection of the bankruptcy court was the proper course of action."

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