(To read more on the debt and equity markets, click here.)
EAST BRUNSWICK, NJ-Luxury homebuilder Kara Homes, based here,late last week filed for Chapter 11 protection, with companyofficials citing slowed sales for the company's financial woes. Thecompany reported $288 million in sales in 2005.
In the 344-page petition filed with the US Bankruptcy Court,District of New Jersey, a copy of which was obtained byGlobeSt.com, the company listed just less than $350.2 million inassets and a little more than $296.8 million in liabilities. Some$248 million of those liabilities are construction loans fromvarious banks. Most of the rest is money owed to contractors andsuppliers. Some of the largest unsecured creditors include RWZStairs & Rails Inc. of Lakewood, Benchmark Inc., also ofLakewood, and J. Wright Construction Inc. of Toms River.
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