Bankruptcy Isn’t Always a Choice

Saturday, August 30, 2008
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Here’s a good example of how insolvent companies get forced into bankruptcy by their creditors.

Salt Lake City-based Woodside Homes, the Sacramento region’s 15th largest builder in 2008 based on sales volume, has announced it will file for Chapter 11 bankruptcy reorganization by Sept. 16, Big Builder Magazine reported Thursday.

…Creditors on Aug. 20 filed a petition in U.S. Bankruptcy Court in Los Angeles to force an involuntary bankruptcy on the company. Those creditors, led by Metropolitan Life Insurance Co. and John Hancock Life Insurance Co., were joined a day later by JP Morgan Chase, which represents a group of lenders to the company.

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