Major Minnesota home builder files Chapter 11
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(AP) - One of Minnesota's largest home builders has filed for Chapter 11 bankruptcy protection.
Lakeville-based MW Johnson Construction cites declining home sales and tight credit markets.
MW Johnson says the company and its Florida operation both will remain open but will require immediate financing to cover operating expenses and payroll while they restructure.
The two companies report combined liabilities of between $60 million and $150 million, with assets in the same range.
The documents were filed Friday in U.S. Bankruptcy Court.
The Builders Association of the Twin Cities says MW Johnson was the 11th-largest home builder in 2007, based on gross revenues.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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