M.W. Johnson Construction Files For Chapter 11 Bankruptcy
M.W. Johnson which has been building in Minnesota and Wisconsin and their affiliate M.W. Johnson Construction of Florida have both filed for Chapter 11 bankruptcy yesterday. The building company has been trying to hold on in this tough market.
The company has over a thousand of lots and unsold lots across Minnesota, Wisconsin, and Florida creating the cash flow drain that has put the company underwater. In the filing Johnson is seeking a loan to help them complete the homes they have started before they liquidate all of their assets.
In the comments in the Star Tribune homeowners are already worrying as they are having mechanical liens placed on their homes. Does anyone know what the status of the homeowners are in this situation?
Due to these market events, the debtors have operated at a loss for some time and have exhausted all available sources of operating capital,” M.W. Johnson said in court papers. “The debtors have an immediate and irreparable need for financing to sustain operations in an effort to conduct an orderly liquidation of their assets for the benefit of creditors. via WSJ.com.
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