Calgary home builder enters into creditor protection
Posted May 19, 2012 7:54 am.
This article is more than 5 years old.
A Calgary-based home builder has filed for creditor protection, thanks to a downturn in the condo and luxury home market and red ink totaling $180 million.
According to the Calgary Herald, Unity Builders Group has six main divisions including its popular Greensboro Homes line.
A company executive says buyers in the process of completing a deal with the builder won’t be affected by the creditor protection status. But company founder Paul Friesen adds, had the group not been granted protection from its creditors, about a hundred home buyers wouldn’t have had their homes completed on time.
Known for its Greensboro projects in Currie Barracks, Aspen Stone, Wilderness Ridge and Stewart Creek, the Unity Builders Group attributes its losses to a decline in the condo and luxury home market in both Alberta and the U.S.
