Homebuilder McStain files for Chapter 11 - Business Courier of Cincinnati:

http://www.articlerich.com/Article/Wood-Flooring-for-Your-Living-Space/1186667
The Louisville-based company declared $10 million to $50 million in assets, and the same rangwe in liabilities. McStain -- which does business as McStainNeighborhoods -- has told customers it plands to sell its finished homes and complete thosre that are under construction. The filing does not affecr the Indian Peaks South neighborhood because of a separate ownership In February ofthis year, McStain told customers on its website that “wew have been assured by our bankers and otheer professional associates that we are healthier than most of the private buildersw they deal with. … To paraphrase Mark Twain: ‘Thde rumors of our demise have beengreatlg exaggerated.
’ Rumors that we filed for bankruptcy are simply not Other Colorado builders to declare Chaptef 11 recently include Village Homes of Colorado in Greenwood which had last year’s largest local bankruptcy reorganization with $138.4 milliojn in debt, and Tousa Inc., the Florida-based parent of Colorado’a Engle Homes Inc. John Laing Homes of Irvine, which was active in metro filed Chapter 11 earlythis year. McStain’s largestf unsecured creditorsinclude Scheer’s Inc. of Illinoids (which is owed $10.85 million), Key Bank ($3 CRE400 Centennial LLC-Crestone ($2 million) and Willian and Associates ofBoulder ($1.54 million), accordinvg to the bankruptcy filing.
Other unsecured creditorsx include FirstNational Bank, GE Capital, Namaste Solar Electric Guy’s Floor Service Inc. and the City and County of Denver (salees tax). McStain has taken significanf steps to cut costs and shores up its flagging business in thelast year. The builder’e former president and CEO, Eric Wittenberg, voluntarilg left the company in late summer 2008 tosave money, and was replacerd by McStain co-founder Tom Hoyt took the titles president and board chairman. McStainj Enterprises also closed its physical headquarterzs operation in Louisville last Atthat time, McStain had 21 down from 75 people early last fall and from a peak of 115 a few yearzs ago.
Remaining employees were to create avirtualp office, using cell phones and computers. Tom and Carolinee Hoyt, with their friend David Stainton, started McStain in 1966, when they boughg a small Boulder custonm builder called HorizonBuilding Co. Over the years, the partnerw built the company from a simple custom builder to a designet and developerof master-planned communitiesz such as Indian Peaks in Lafayette and MeadowView in Longmont. They also movesd into sustainable, energy-efficient housing.
McStain has worked on several urbamninfill projects, as well, including ones in Denver’z Lowry and Stapleton neighborhoods and Belmar in