|
Homeowners, Friends, and Associates
It is with profound regret that we are posting notice to inform you that on Thursday, May 27th, 2010, Chateau Development Company filed for a Chapter 7 bankruptcy after 34 years in business in Colorado.
Even though we had some minimal sales activity in 2009 and early 2010, the effects of the dramatic real estate market collapse over the last years coupled with severe sales price declines, and a drought in bank funding for new construction loans means that operating has become virtually impossible. That economic reality, coupled with a backlog of liabilities, makes it abundantly clear that, at least until this "great housing recession" is over, there is no viable way for Chateau Development Company to operate and has therefore filed for bankruptcy.
For those of you who have purchased a Chateau home this filing means that we will no longer be able to service your new home warranty. You will now be responsible for calling your own service people when you have a problem. The names and numbers of the key contractors we used to build each home are listed in Section Three of your Warranty Manual. If you have been provided the ProHome warranty management service, please continue to contact ProHome directly.
Chateau Development Company has been a family run business in Colorado for nearly a quarter century and it is difficult to see the company come to an end. But we enjoyed those years and the wonderful homeowners, employees, trade partners, and professionals with whom we worked. We thank you all for your friendship and support.
There will surely be some great changes to the housing business coming out this recession.
|
