Newspaper Archive of
Cape Gazette
Lewes, Delaware
Jim's Towing Service
October 4, 2010     Cape Gazette
PAGE 47     (47 of 120 available)        PREVIOUS     NEXT      Full Size Image
PAGE 47     (47 of 120 available)        PREVIOUS     NEXT      Full Size Image
October 4, 2010

Newspaper Archive of Cape Gazette produced by SmallTownPapers, Inc.
Website © 2019. All content copyrighted. Copyright Information.     Terms Of Use.     Request Content Removal.

Cape Gazette BUSINESS & REAL ESTATE FRIDAY, OCTOBER 1 - MON'DAY, OCTOBER 4, 20t0 47 The U.S. Bankruptcy Court in Baltimore Wednesday, Sept. 27, approved the go-forward plan of reorganization submitted by Gemcraft Homes. In less than one year since fil- ing for Chapter 11 bankruptcy protection, the Gemcraft team led by Bill Luther, CEO, has meticulously structured a blue- print to successfully take Gem- craft Homes into the future. Like many homebuilders, Gemcraft Homes was confronted with the worst housing market in history, / and it became nec_ssary for its survival to lessen the company's land debt. ] The reorganization process began by assembling profession- als and consultant . "Piece by. piece, like a complex puzzle, we were able to addre: and challenge and g ested party to ent] support our restru said Luther. Gem, negotiated deals Bank and M&T Baa institutions to sectu Tri-State Cleaning, L.L.C. RESORT CHAMBER WELCOh CAKE BREAK TO REHOBOTF ;s each issue each inter- msiastically turing plan," :raft Homes 'ith Regions and other 'e more than $70 million in new financing to continue its building and devel- opment operations. During the reorganization process, both banks collectively supplied $30 million in debtor-in-possession financing, so normal day-to-day business operations of the com- pany could continue and there was no effect on Gemcraft's cus- tomers. Gemcraft also had the vast ma- jority of its suppliers and con- tractors supporting and agreeing to move forward together in this strategy for success. "We are humbled and thankful to our trade partners that have stuck with us through this intricate process, and we will do our best to continue earning their sup- port and trust," said Luther. With the challenges of reor- ganization and the current tough homebuilding market, the com- pany expects 2010 settlements to be more than 300 homes with gross sales exceeding $80 mil- lion. Cumulatively, dollar rev- enues since the company's in- ception are closing in on the $2 billion mark. "We are enthusiastic about moving forward with the next successful chapter of our compa- ny's history," said Luther. "We have enjoyed and are honored to have built over 6,700 homes for Gemcraft Homes' families and we look forward to building the next 6,700 homes." ': Owned and Operated by Tim & Mary Walker since 1963 CARPET, UPHOLSTERY & AREA RUG CLEANING FINE FABRIC Professional Care fw a Healthier Hem DRY CLEANING 1302-644-6554. 302-684-2805 1-800-672-2805 Tilt REHOBOTI'I BEACH-DEWEY b~H CHAMBER OF C~OMMERCE held a ribbon-cutting ceremonyfor Cake Break Aui~ 8, at the ~ at 7 South First St., in dowt!toWn ~ ~ Cake Ik~ak offe~a ~ of gour- metcupcakes, breakfast cupcakes, muffihs, cinnamon rolls anC surf bagek. Vegan, nut-free and gluten-free options are available. Cake Brea smoothies, organic coffee, iced coffee and espresso. Cake Brea orders, and children can decqrate their cupcakes with an array and candy. For more information, visit 9264 ...... ,: i Shown are (l'r)Katie Handy of Si8tt*A Ram Marry.Barrett ( Philip Katz, owner of Cake Break; ~ Katz, owner of Cake Br~ bi Engel of Sussex Tree. / !:( (also serves (fills special of sprinkles or call 260- Rehoboth sidewalk sale begins Oct. 1 The annual fall sidewalk sale is from 10 a.m. to 8 p.m., Friday through Sunday, Oct. 1-3, at stores in downtown Rehoboth-Beach; store hours may vary. For more information, contact the Rehoboth Beach-Dewey Beach Chamber of Commerce at 227-2233 or 800-441-1329. Quilter to visit Beach Bumz in Lewes Oct. 2 Beach Bumz Gifts will host a meet and greet for local quilter Carol Wallace from 2 to 5 p.m., Saturday, Oct. 2, at the shop lo- cated in the lobby at Fisherman's Wharf on Anglers Road in Lewes. There will also be a fundraiser for Wallace, who donates 400 quilts each year to cancer cen- ters, homeless shelters and chil- dren's hospitals. Donations of fabrics and bat- ting will be collected. Call 645- 8247 for details. i i