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Area builder files for bankruptcy
E-Edition (Online Paper)
Barrow County Legal Organ
Area builder files for bankruptcy
Monday, October 6. 2008
Homes by Ken Butera, Inc., one of the builders in Pinnacle Point Subdivision in Winder, has filed for bankruptcy.
In a petition filed last month in the United States Bankruptcy Court Northern District of Georgia, the corporation filed for Chapter 7 bankruptcy protection.
Chapter 7 provides for the liquidation of a company’s non-exempt assets with the proceeds distributed to the creditors of the corporation.
According to the filing, Homes by Ken Butera Inc. currently has over 50 creditors.
The company, which made over $6.9 million in 2006, has seen revenue plummet to just $1.9 million so far this year.
The company’s listed liabilities are in excess of $10.4 million with assets of just over $9.5 million.
Homes by Ken Butera has also built numerous homes in South Oaks subdivision in Grayson and Drayton Hall, a gated community in Buford.
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