Prospect Homes Files for Chapter 11 Bankruptcy Protection

Richmond, Virginia.  On June 4, 2009, Prospect Homes of Richmond, Inc. filed for protection under Chapter 11 of the U.S. Bankruptcy Code in Richmond Bankruptcy Court.  The case was assigned to Judge Kevin Huennekens.  

Per the company’s Chapter 11 bankruptcy petition, it has between 200 and 999 creditors, assets of $50 to $100 million, and owes creditors between $50 and $100 million.

Having filed for Chapter 11 bankruptcy, the Bankruptcy Court will oversee the reorganization of Prospect Homes.

Prospect Homes’ primary business is new home construction.  New home builders and those in the construction industry have been severely impacted by the recessio