Friday, September 19, 2008

Renaissance Homes Plans to File Bankruptcy This Weekend

Jeff Manning from the Oregonian:

This is the second top five home builder in Portland to file bankruptcy in the past three months. What it means is that Portland and Oregon are not immune from the housing slump as a lot of Realtors and builders like to say when this all started.

Randy Sebastian insists that the company will survive (bankruptcy). The good news is that they have a tentative deal in place to secure ten million in financing which will allow them to pay their creditors and continue construction.

I have been hearing rumors of this for a few weeks but didn’t want to post anything until I could confirm it.