Elliott Building Files for Bankruptcy
Pennsylvania home builder Elliott Building Group Ltd. filed for Chapter 11 protection, the latest industry victim to succumb to declining sales caused by a cooling housing market.
Elliott Building filed for Chapter 11 protection Sunday listing assets of more than $60 million and debts of $79 million. The Langhorne, Pa.-based developer builds homes in southeast Pennsylvania and southern New Jersey.
Company owner Bradford Elliot said in court papers that the builder opted to file for Chapter 11 after several banks received judgments against it and contractors threatened to force the company into an involuntary bankruptcy. Read More
