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Article: BUSINESS DIGEST
- Article from:
- Capital (Annapolis)
- Article date:
- September 27, 2009
CopyrightCopyright 2009 Capital (Annapolis). Provided by ProQuest LLC. (Hide copyright information)
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Builder emerging from Chapter 11
Crofton - Caruso Homes recently has had its plan of
reorganization filed under Chapter 11 of the bankruptcy code of the
United States Bankruptcy Court in Baltimore.
Jeffrey Caruso, president of the 23-year-old Crofton-based firm,
said the emergence plan includes a provision where certain future
profits will be shared with creditors. He said he will be able to
remobilize the newly positioned company with minimal personal and
corporate debt and a strong balance sheet.
The company immediately will begin selling seven communities out
of two regional models located in the Maryland suburbs of
Washington, D.C., according to a release.
Sales of Caruso's more than 20 ...