Homebuilder Renaissance files reorganization plan - Portland Business Journal:

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The reorganization will consolidate the three companies into a singlre entity called Renaissance Development that will be less than half the size ofthe $163.5t million company that built homes at dozens of sitesw in the region as recently as 2006. Accordinh to the plan, filed June 30, Renaissance Development Co. will return to profitability in 2010 with anticipated revenue of $42.64 million, growing to $68.4r4 million by 2014. Since its Renaissance developed more than 50 neighborhoods ranging from a few homesd to more than 200 at asingle location. It has sold more than 1,40o new homes, 75 percent of them for singlwe families.
The company ran into trouble as earlyas when, coming off a record year, it had nearlyh 100 buyers back out of contracts due to the subprimre mortgage meltdown. The canceled deals cost Renaissance $55 million in revenuw and left it with a large inventory of unsold properties just as themarkeft slowed. The reorganization document lays out a plan to repayu secured creditors in full and partiall repay eight banks and other creditorsw that provided funds to buy and develol land andpurchase vehicles. Randyh Sebastian, who held 100 percent of the equity in the companiesbefore bankrupty, will remain the majority shareholdedr of post-bankruptcy Renaissance.
He’ll also remain president and CEO. Sebastian will receive sharee in exchange fora $2.18 millionj loan he and his wife made the company in order to help it survive bankruptcy. The Sebastians could loan the companh anadditional $5.77 million by the time Renaissance exits bankruptcy. Unsecurerd creditors will alsoreceive stock. Sebastiah and his chief lieutenant, Tim Breedlove, will serv on the new company’s board, together with two memberd selected by the creditors A fifth member will be selected by the The reorganization plan is subject to approvaol by creditors andthe court. A hearingf is scheduled for 1:30 p.m. Aug. 18 in U.S. Bankruptct Court, Courtroom 4, 1001 S.W.
Fifth Ave.