May
14

DenMark Homes Continues in Myrtle Beach Despite Chapter 11 Filing

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Developer’s plans alive in Chapter 11

May 14, 2008

By Jessica Foster – The Sun News

Construction has halted in DenMark Homes communities since the home builder filed for bankruptcy, but that hasn’t changed plans for two new DenMark neighborhoods on the Grand Strand, officials said.

The Youngsville, N.C.-based builder filed for Chapter 11 bankruptcy protection in late April, citing trouble in the Myrtle Beach housing market.

The company builds homes in the Raleigh, N.C., area and on the Grand Strand.

“The home market is pretty much the same in North Carolina around Raleigh,” said bankruptcy attorney Trawick Stubbs, who is representing DenMark, but “the market has slowed in Myrtle Beach.”

The Chapter 11 filing lets DenMark continue operating in both states while it comes up with a plan to pay its debt.

Two new DenMark communities on the Grand Strand are progressing despite the bankruptcy filing: Parmelee in Murrells Inlet and Palm Lakes Plantation in Little River. Model houses opened last week in Palm Lakes, and Realtors have sold two of 18 speculatively built houses in Parmelee.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ENTIRE ARTICLE HERE:

http://www.myrtlebeachonline.com/business/story/449583.html

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