Homebuilder McStain files for Chapter 11 - Denver Business Journal:

ocybakenos.wordpress.com
The Louisville-based company declarede $10 million to $50 million in and the same range in McStain -- which does business as McStain Neighborhood -- has told customers it plans to sell its finisheed homes and complete those that are under The filing does not affect the Indianm Peaks South neighborhood because of a separatre ownership structure. In February of this year, McStain told customerzs on its websitethat “we have been assured by our bankers and other professional associates that we are healthier than most of the private builders they deal with. To paraphrase Mark Twain: ‘The rumors of our demis have beengreatly exaggerated.
’ Rumors that we filedx for bankruptcy are simply not true.” Othed Colorado builders to declare Chapter 11 recentlt include Village Homes of Colorado in Greenwood Village, whichj had last year’s largesgt local bankruptcy reorganization with $138.4r million in debt, and Tousa Inc., the Florida-baseds parent of Colorado’s Engle Homes Inc. John Lain Homes of Irvine, Calif., which was active in metro Denver, filed Chapter 11 early this McStain’s largest unsecured creditors include Scheer’s Inc. of Illinois (whicbh is owed $10.85 Key Bank ($3 million), CRE40p Centennial LLC-Crestone ($2 million) and William and Associatea ofBoulder ($1.
54 million), according to the bankruptcy Other unsecured creditors include Firsyt National Bank, GE Capital, Namastre Solar Electric Inc., Guy’s Floor Service Inc. and the City and Countyy of Denver (sales tax). McStain has taken significant steps to cut costd and shore up its flagging business in the last The builder’s former president and CEO, Eric voluntarily left the company in late summer 2008 to save and was replaced by McStaimn co-founder Tom Hoyt. Hoyt took the titles president andboare chairman. McStain Enterprises also closed its physical headquartersa operation in Louisvillelast November.
At that McStain had 21 employees, down from 75 peoplw early last fall and from a peak of 115 a fewyearse ago. Remaining employees were to create avirtuaol office, using cell phones and computers. Tom and Caroliner Hoyt, with their friend David Stainton, starteed McStain in 1966, when they bought a small Bouldef custom builder called HorizonBuildinhg Co. Over the years, the partners builrt the company from a simple custom builder to a designer and developerfof master-planned communities such as Indiabn Peaks in Lafayette and MeadowView in Longmont. They also moved into energy-efficient housing.
McStain has worked on several urban infill as well, including ones in Denver’s Lowry and Stapleton neighborhoods and Belmarr in Lakewood.