MacGregor Development of Cary files for bankruptcy
Published: Mon, Nov. 17, 2008 02:39PM
Modified Mon, Nov. 17, 2008 02:41PM
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closeMacGregor Development of Cary is seeking bankruptcy protection from creditors.
The company listed assets of $23.8 million and consolidated debt of $41.4 million in Chapter 11 documents filed Nov. 14 in U.S. Bankruptcy Court in Wilson.
It was unclear why MacGregor filed for protection. Michael Whitehead, the company’s president, did not immediately return a message seeking comment.
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An increasing number of homebuilders and developers are filing for bankruptcy this year as home sales slump.
MacGregor listed assets including 357 acres in Raleigh, valued at $17.5 million in a May appraisal, 26 acres in elsewhere in Wake County, valued at $3.2 million in a June 2006 appraisal, and a 35 percent interest in 3.7 acres in Raleigh that it valued at $30,000.
MacGregor owes $7.7 million to creditors with secured claims and $33.6 million to creditors without collateral backing their claims. SunTrust Bank, owed $4.7 million, is the largest secured creditor, court documents show.
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