Village Homes files Chapter 11 bankruptcy
Glenwood Springs, CO Colorado
NEW CASTLE, Colorado ” A filing of Chapter 11 bankruptcy by Village Homes of Colorado, Inc., should not have much effect on homeowners in the Castle Valley Ranch subdivision in New Castle, according to company officials.
The company filed the voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code on Thursday, Nov. 6, due to an overall slowdown of the housing market being seen throughout the country.
Village Homes of Colorado has been building homes throughout the state since 1984.
“This (bankruptcy) is a reflection of what’s going on in the housing crisis and the financial market,” said Cheryl Schuette, president and chief operating officer for Village Homes. “It’s something we need to do in these challenging economic times.”
In the Castle Valley Ranch subdivision, the company has built just short of 140 single family and town homes since February 2006 and about 10,000 homes throughout Colorado, Schuette said.
In a statement on the website, the company says, “we intend to deliver homes under construction or contract, and will make all possible efforts to ensure that our customers remain unaffected by the reorganization.”
Village Homes, throughout its 25-year history, has weathered other challenging economic cycles and said it looks forward to continuing to deliver and selling quality homes to its customers.
“We are using the Chapter 11 process as a tool that enables us to continue normal operations while we restructure our capital,” Schuette said. “Our goal is to emerge from the (bankruptcy) process as a stronger, healthier, and more efficient company that will be newly positioned for success.”
The company is based in Greenwood Village a Denver suburb.
For more information regarding Village Homes’ reorganization, visit the website at http://www.villagehomes.com.
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