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Housing Slowdown Pushes Homebuilder Into Ch. 11

Law360 (November 9, 2007, 12:00 AM EST) -- The slowdown in the U.S. housing market pushed homebuilder Dunmore Homes Inc. into Chapter 11 on Thursday, after rising costs, falling home prices and high interest payments on the company's debts, which exceed $100 million, undermined the company's ability to turn a profit.

Privately owned Dunmore Homes, which suspended construction in August, filed its Chapter 11 petition in the U.S. Bankruptcy Court for the Southern District of New York, listing assets and liabilities both in excess of $100 million.

Dunmore Homes Vice President of Construction and...
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