Bankruptcy

Georgia Homebuilder Oakwood Homes, LLC, Which Recently Did Project For "Extreme Makeover," Files Chapter 7 In Northern District Of Georgia

By Scott Riddle

Joining other real-estate related debtors (mortgage lenders, builders, developers), Oakwood Homes, LLC, filed a Chapter 7 petition in the Northern District of Georgia on December 28, 2007.  The schedules list over $31 million in assets and over $22 million in debt. The Bank of N. Georgia is the largest secured creditor, with a listed secured claim of $7.34 million (out of $22 million secured debt).  Several other lenders, including Wachovia, United Community Bank, Integrity Bank, First Cherokee State Bank, Community Bank of the South and Bank of Woodstock also have significant secured claims.   The company lists $1.3 million in unsecured debt.

In January 2007, Oakwood teamed with RBC Centura Bank  (also here) to remodel a house for the popular ABC television show, Extreme Makeover. 

Full post as published by Georgia Bankruptcy Blog on January 03, 2008 (boomark / email).