Randy Sebastian, president of Portland-based Renaissance Homes, disclosed in an email letter I received earlier today that the company plans to file Chapter 11 bankruptcy.
Sebastian's letter says that Renaissance plans to "conduct 'business as usual' while in Chapter 11" by selling off its existing inventory of completed houses, finishing those houses currently under contract but not yet completed and starting any new homes that are pre-sold.
According to wikipedia, "a chapter 11 filing is usually an attempt to stay in business while a bankruptcy court supervises the "reorganization" of the company's contractual and debt obligations." (For more on Chapter 11 bankruptcy, check out wikipedia).
Renaissance currently has several projects at various stages of development throughout the northwest, including Aspen Rim (Renaissance Ridge) in southwest Bend, Fremont Place in Bend's Northwest Crossing neighborhood and Shevlin Pines off Shevlin Park Road on the way to Shevlin Park in Northwest Bend.
Visit Renaissance-Homes.com for more information.
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