Renaissance Custom Homes files Chapter 11 bankruptcy

By Caroline Salls

Pittsburgh, Sept. 26 - Renaissance Custom Homes, LLC filed for Chapter 11 bankruptcy Thursday in the U.S. Bankruptcy Court for the District of Oregon.

According to the company's motion for court approval to continue to sell homes, the company is in a very competitive market because of the downturn in the housing market, severe challenges in the credit and mortgage markets, diminished consumer confidence, increased foreclosures, inability of potential buyers to sell their existing homes and the resulting higher cancellation rates for agreements.

Renaissance said its preliminary financial statements as of June 30 list $115 million in consolidated assets and $103 million in consolidated debt for Renaissance Custom Homes and its Renaissance Development Corp. debtor and $13.5 million in assets and $13 million in debt for its The Lakes at Fishers Landing, LLC debtor.

The company did not list any creditors with unsecured claims of $1 million or more.

Renaissance is a Lake Oswego, Ore.-based residential real estate and home building company. Its Chapter 11 case number is 08-35023.

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