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Back from bankruptcy

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High Five
Wednesday, May 12, 2010
Major Portland builder Legend Homes is out of bankruptcy after two years, emerging a smaller, but intact, company.

Legend entered bankruptcy in 2008 when housing demand slackened. The company had borrowed heavily to purchase properties in the Pacific Northwest.

From a peak of 75 employees, Legend now has 26. Revenues are projected to hit $16 million this year compared to $136 million during the housing zenith of 2006...

Legend retained five subdivisions in Tigard, Wilsonville, Hillsboro, Vancouver, and Corvallis. Between them, the subdivisions have about 500 lots ready for construction, [Legend's president and CEO Jim Chapman] said.

Read the whole story at OregonLive.com.

{biztweet}Legend Homes bankrupt{/biztweet}

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