Landmark Homes files for Chapter 11
Once one of the largest local homebuilders in Northern Nevada, Landmark Homes, recently filed for Chapter 11 bankruptcy protection in Reno.
Company President Jim Bawden said in a statement, “The intensity of the housing crisis and credit meltdown has made it very difficult for those in the homebuilding industry. Landmark hopes that it will be able to file a plan and get through the proceedings quickly.”
Bawden declined to comment on future plans for Landmark Homes.
The decline in the housing market exacted a swift toll on Landmark Homes, builder of Mills Landing and Capital Village in Carson City, the Waterford in Dayton, the Belsera subdivision in Reno, and Sun Mesa in Sun Valley.
In July 2008, Landmark was brought before the State Contractors Board because of non-payment complaints from its subcontractors. After negotiating a two-month reprieve, the company had its license revoked during a subsequent disciplinary hearing before the board on Nov. 5.
Landmark Homes filed for protection from its creditors on Jan. 28. It says it has between 200 and 1,000 creditors potentially affected by the filing, with assets between $10 million and $50 million and liabilities in the same range. Signature First LLC of Carson City is the largest unsecured creditor listed in the filing. The company is owed $491,315, and state records show that James F. Bawden is the manager of Signature First.
Other major unsecured creditors include Peninsula Floors of Livermore, owed $370,928, Artistic Fence of Reno, owed $154,726, and Sierra General Contractors of Sparks, owed $213,142.
Landmark Homes is represented in bankruptcy court by Quarles & Brady LLP of Phoenix, which says it was working with the company on a reorganization plan before the Chapter 11 filing was made necessary.