Pharma Investments, Ventures & Law Weekly
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Grant Thornton Llp
Bankruptcies Expected in Coming Months for Some of the Nation's Biggest Homebuilders
March 1st, 2009
Based on a review of the 33 U.S. homebuilders with more than $10M in revenue, more than 30 percent are in financial distress and in danger of filing for bankruptcy, according to an analysis by Grant Thornton Corporate Advisory and Restructuring Services. "It's striking when you see just how much cash flow has continued to decline for the better builders," said John Bittner, partner at Grant Thornton Corporate Advisory and Restructuring Services. "This year it will be all about keeping cash flow positive by cutting operating costs and liquidating assets. It'll get to a point, however, when builders get rid of the assets with the most value and expenses can't be cut much...
Source: Pharma Investments, Ventures & Law Weekly (2009-03-01)
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