Woodside Homes files for Chapter 11

Source: Construction Digital

Date :9/1/2008 6:31:32 AM

Woodside Homes, one of the country’s largest privately owned residential builders, has filed for bankruptcy as reports claim it carries more than US$700 million in debt.

According to an agreement with its creditors, the company, together with more than 200 affiliates, will be placed into court protection by September 16.

These creditors, which include Metropolitan Life Insurance Co, John Hancock Life Insurance Co and JP Morgan Chase, had previously filed a petition in US Bankruptcy Court in Los Angeles to force an involuntary bankruptcy on Woodside Homes.

Builder magazine rated Woodside Homes at 26 on its 2007 list of the 100 largest home builders. It listed the company's 2007 revenue as US$1 billion, down from US$1.3 billion in 2006.