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Barratt American Files for Chapter 11 Bankruptcy
Company aims to continue operations while it restructures its debt under protection of the bankruptcy court.
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Barratt American trolls for new financing
A weak housing market leaves the California-based builder strapped for cash, and without a bank to turn to.
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Inside Job
In an uncommon type of deal, Barratt American's management team on August 30 acquired the company from its British-based parent corporation, Barratt Developments PLC, the top home builder in the United Kingdom, for $165 million. Barratt American, a private company now, will continue to expand in Southern California with divisions in San Diego, the Inland Empire, and one dedicated to urban development. The company posted revenues of $305 million with 702 closings in fiscal year 2004.
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