Barratt American Bites The Dust

by The Editors on August 11, 2009

Uti1407678 T350Carlsbadistan based homebuilder Barratt America filed for Chapter 11 bankruptcy protection in December 2008, however, that didn’t work out for them. Last week, according to a story in the San Diego Union-Tribune, they dropped down to a full Chapter 7 when creditors say that “reorganization would be futile.”

Richard M. Kipperman, the court-appointed trustee for Barratt, said all that is left of Barratt’s many projects are two single-family homes under construction, one in La Jolla and the other near Lake Hodges. The owners are current on payments to Barratt and will have other contractors complete them.

But not to worry. Barratt President Michael Pattinson says he’s going to start a new company next year “after learning the lessons of building in a boom and bust.”

[Link: San Diego Union-Tribune]

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