General Homes Seeks Bankruptcy Protection: The Houston-based...
From Times Staff and Wire Service Reports
General Homes Seeks Bankruptcy Protection: The Houston-based builder, once one of the biggest home builders in the nation, has filed for protection from creditors and reorganization under Chapter 11 of the federal bankruptcy code. The move is in response to an involuntary bankruptcy petition filed against the firm July 10 by three creditors claiming they were owed $561,400 in interest payments. General’s corporate debt of $365 million includes $225 million owed to senior lenders and $140 million owed other creditors. General’s mortgage company, FGMC Inc., is not affected by the filing.
