Solar Powered Home Building Uncertain as Another Builder Heads Toward Bankruptcy

Last April, Woodside Homes struck a huge deal with SMUD that included building at least 1,500 solar powered homes in Rancho Cordova by 2012.  This week residents learned that the Utah based builder is steadily heading toward Chapter 11 Bankruptcy.

Woodside has eight projects in Elk Grove, Rancho Cordova, Marysville and Sacramento. Pushed by its creditors, the builder agreed to enter into bankruptcy by September 16, 2008. In the meantime, a judge for the U.S. Bankruptcy Court of California gave the company to continue business as usual- using cash on hand to pay employees, vendors and contractors.

The company’s spokeswoman, Jennifer Mercer released the following statement:

“Woodside will continue to operate in the normal course of business up to, and beyond September 16. All employee wage and benefit programs will continue uninterrupted as will customer programs. Additionally, the company has been proactive with its subcontractors updating them daily as to the status of these proceedings. Transparency to our employees,
customer, and subcontractors and vendors is a priority as Woodside considers them partners.”

The 31 year old company also builds in Arizona, Colorado, Florida, Maryland, Minnesota, Nevada, Texas, Utah, and Virginia. It also has some large joint ventures in the Las Vegas area. The joint ventures will not be affected by the bankruptcy decisions.

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Posted by Michelle Ventress on Aug 29 2008. Filed under Business. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.