Dec 3, 2008 10:01 am US/Central
House Builder Kimball Hill To Shut Down
Firm Was Once One Of Largest Builders In Chicago Suburbs
CHICAGO (Sun-Times Media Wire) ―
The crash of the housing market will mean the end of operations for Kimball Hill Inc., formerly one of the largest builders in the Chicago suburbs.
The company, operating under Chapter 11 bankruptcy protection, said Tuesday it will shut down within 15 months but will finish over the next six months homes currently under construction. Chief executive Ken Love said Kimball Hill has about 450 homes to complete, including 110 in the Chicago area. It also built homes in Florida, California, Nevada and Texas.
The Rolling Meadows-based company is operating with $35 million in emergency financing. With proceeds from home sales, the money will let the company pay contractors, assuring that homes will be finished, the company promised.
Kimball Hill has established a toll-free number, (877) 709-8188, for customers and others seeking information.
Love said the company's primary remaining subdivisions in the Chicago area are in McHenry, Elgin, Naperville and Yorkville. He said it will continue trying to arrange a bulk sale of its land.
Love said the company has about 400 workers. Some will be laid off starting this week and many will stay throughout the shutdown process, he said.
The company was founded in 1969 by David Hill, who died in July.
(Source: Sun-Times Media Wire © Chicago Sun-Times 2009. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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