Renaissance Homes of Lake Oswego, Ore. filed for Chapter 11 protection in Oregon bankruptcy court Thursday, as a company official said it would two days earlier.

Renaissance has said it already has cooperation from its banks to provide interim financing to keep the company operating while it works out a repayment plan for its creditors.

The Portland-area builder began to run into problems last fall when a third of its buyers began backing out of contracts because they couldn't sell their existing homes, Kim Whitman, the company's vice president of sales and marketing told Big Builder. About half of those 94 homes remain in Renaissance's inventory. The houses had an average price tag of $600,000 each.

When the sales began to fall through, Renaissance was able to keep current with its bank loans but not with its payments to sub-contractors. The list of its major creditors include trade workers and materials suppliers.

Renaissance's business had doubled quickly recently and it seemed immune to the pressures of the market until the buyers started backing out en masse last year.

It isn't the only Portland area builder in trouble. Earlier this year, Legend Homes filed bankruptcy as did Clackamas, Ore.-home builder Tony Marnella and three of his companies, the Portland Business Journal reported.