Friday, August 10, 2007

HomeBanc Files for Chapter 11 Bankruptcy

HomeBanc today announced that, after careful consideration, its Board of Directors has authorized the Company's management team to seek protection for the Company through the bankruptcy process in order to best preserve the value of the Company's remaining assets. Accordingly, HomeBanc Corp., together with certain of its subsidiaries, has today filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. HomeBanc believes that, under the protection of Chapter 11, it will have the time and opportunity that it needs to achieve the best possible value for the creditors and other constituencies of its assets and operations, and to effect an orderly wind down of the Company.
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2 comments:

  1. ALD8:54 PM

    Today HomeBanc cancelled its 2007 Annual Meeting of Shareholders, scheduled for Aug 30.

    http://media.corporate-ir.net/media_files/irol/17/177534/hmbrelease081407.pdf

    ReplyDelete
  2. ALD11:49 AM

    I didn't know this at the time, but I have just learned that CEO Kevin Race was previously involved with Plaza Home Mortgage, which was sold to Fleet Financial shortly before serious subprime problems became known.

    ReplyDelete

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