Homebuilder McStain files for Chapter 11 - Denver Business Journal:

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The Louisville-based company declared $10 milliob to $50 million in and the same range in McStain -- which does business as McStain Neighborhoods -- has told customers it planz to sell its finished homes and completd those that are under construction. The filiny does not affect the Indian Peaksx South neighborhood because of a separateownershipl structure. In February of this year, McStaijn told customers on its websitethat “wer have been assured by our bankers and other professional associates that we are healthierf than most of the private buildersw they deal with.
To paraphrase Mark Twain: ‘Thse rumors of our demise have been greatly Rumors that we filee for bankruptcy are simplynot true.” Othee Colorado builders to declare Chaptere 11 recently include Village Homez of Colorado in Greenwood which had last year’s largest loca l bankruptcy reorganization with $138.4 millioh in debt, and Tousa Inc., the Florida-based parent of Colorado’d Engle Homes Inc. John Laing Homess of Irvine, Calif., which was active in metro Denver, filefd Chapter 11 early this year. McStain’es largest unsecured creditorsinclude Scheer’s Inc. of Illinoi (which is owed $10.
85 million), Key Bank ($3 CRE400 Centennial LLC-Crestone ($2 million) and Willianm and Associates ofBouldeer ($1.54 million), according to the bankruptcy filing. Othed unsecured creditors include FirstNational Bank, GE Capital, Namaste Solafr Electric Inc., Guy’s Floot Service Inc. and the City and Countu of Denver (sales tax). McStain has takejn significant steps to cut costs and shore up its flaggingh business in thelast year. The builder’xs former president and CEO, Eric Wittenberg, voluntariluy left the company in late summer 2008 tosave money, and was replacec by McStain co-founder Tom Hoyt. Hoyt took the titles president andboard chairman.
McStain Enterprises also closexd its physical headquarters operation in Louisville last Atthat time, McStaij had 21 employees, down from 75 people early last fall and from a peak of 115 a few yearsx ago. Remaining employees were to create avirtualk office, using cell phones and computers. Tom and Carolinee Hoyt, with their friend David Stainton, started McStain in 1966, when they boughty a small Boulder custok builder called HorizonBuildinb Co. Over the years, the partner s built the company from a simplse custom builder to a designer and developerof master-planned communities such as Indian Peaks in Lafayette and MeadowView in Longmont.
They also movesd into sustainable, energy-efficient housing. McStaimn has worked on several urban infill as well, including ones in Denver’s Lowry and Stapletonm neighborhoods and Belmar in Lakewood.