Another Homebuilder Finds Itself In Ch. 11

Law360, New York (April 24, 2008, 12:00 AM EDT) -- The mortgage downturn claimed another victim Wednesday, as Kimball Hill Inc., one of the largest homebuilders in the United States, filed for Chapter 11 bankruptcy protection.

The company filed a voluntary petition for relief in the U.S. Bankruptcy Court for the Northern District of Illinois along with 29 subsidiaries, many of which operate under the Kimball Hill Homes name. Kimball Hill listed assets of $795.5 million and debts of almost $632 million.

Rolling Meadows, Ill.-based Kimball Hill has been building homes since 1969 and currently operates...
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