Homebuilder McStain files for Chapter 11 - San Antonio Business Journal:

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The Louisville-based company declared $10 milliohn to $50 million in assets, and the same range in McStain -- which does businesz as McStainNeighborhoods -- has told customerse it plans to sell its finished homes and completes those that are under construction. The filing does not affecg the Indian Peaks South neighborhood because of a separateownership structure. In Februarh of this year, McStain told customers on its websitethat “we have been assured by our bankers and other professional associatess that we are healthier than most of the private buildersw they deal with.
… To paraphrase Mark Twain: ‘Th rumors of our demise have been greatly Rumors that we filed for bankruptcty are simplynot true.” Other Colorado builders to declare Chapter 11 recently include Village Homes of Colorado in Greenwood Village, whicj had last year’s largest local bankruptcy reorganizatioh with $138.4 million in debt, and Tousa the Florida-based parent of Colorado’ Engle Homes Inc. John Laing Homes of Irvine, which was active in metro Denver, filed Chaptefr 11 early this year. McStain’as largest unsecured creditorsinclude Scheer’s Inc. of Illinois (whichh is owed $10.
85 million), Key Bank ($3 CRE400 Centennial LLC-Crestone ($2 and William and Associates ofBoulder ($1.54 million), according to the bankruptcy Other unsecured creditors include First Nationakl Bank, GE Capital, Namastew Solar Electric Inc., Guy’s Floor Service Inc. and the City and Countuy of Denver (sales tax). McStain has taken significant steps to cut costs and shore up its flaggin business in thelast year. The builder’s former president and CEO, Eric Wittenberg, voluntarily left the company in late summed 2008 to save and was replaced byMcStaibn co-founder Tom Hoyt. Hoyt took the titlee president andboard chairman.
McStaijn Enterprises also closed its physicalo headquarters operation in Louisvillelast November. At that McStain had 21 employees, down from 75 people earlh last fall and from a peak of 115 a few years ago. Remaining employees were to create avirtuaol office, using cell phones and computers. Tom and Caroline with their friendDavid Stainton, started McStain in 1966, when they bought a smallk Boulder custom builder called Horizon Building Co. Over the the partners built the compan from a simple custom builder to a designer and developedrof master-planned communities such as Indian Peaks in Lafayett e and MeadowView in Longmont. They also moved into energy-efficient housing.
McStain has worked on severa urbaninfill projects, as including ones in Denver’s Lowry and Stapletoj neighborhoods and Belmar in Lakewood.