Citing Downturn, Kimball Hill Opts For Liquidation

Law360, New York (December 3, 2008, 12:00 AM EST) -- In separate filings Tuesday in the U.S. Bankruptcy Court for the Northern District of Illinois, bankrupt homebuilder Kimball Hill Inc. said that it intended to sell the majority of its business operations, and it filed its Chapter 11 liquidation plan and disclosure statement.

Kimball Hill filed for Chapter 11 bankruptcy protection on April 23, citing difficulty in the economy and declines in home sales. The original plan, according to court filings, was to exit bankruptcy protection within 90 to 120 days.

“Unfortunately, ... housing markets are...
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