Arizona home builder to exit Chapter 11
Fulton Homes, one of Arizona’s largest privately-owned home builders, has announced the confirmation of its reorganization plan in U.S. Bankruptcy Court. The company filed for Chapter 11 in 2009.
"Fulton Homes Corporation will repay all our creditors in full and has money in the bank," said CEO Douglas Fulton . "Our projections reflect that we will be able to self-finance our cash needs over the next four years and will not need any new bank financing." In addition, Fulton noted the company would operate as normal and continue developing new communities in the Valley.
According to Steve Walters, Fulton Homes’ CFO, the banks will immediately receive $57.5 million dollars.
"Fulton Homes is coming out of the reorganization completely solvent and will operate without outside financial assistance," said Walters. "We are exceeding the projected sales and cash flows provided to the banks in our restructuring proposal."
Since filing in 2009, Fulton Homes Corporation has doubled its market share and has added several new communities, according to the RL Brown Report, the agency that measures home building activity.
Currently, Fulton Homes is adding five communities in Chandler and Queen Creek within the next year. Monterey Bay, their most recent community, is 90% sold out after being on the market for only four months, the company said.
Fulton Homes Sales Corp., which oversees and manages all sales and marketing functions, including customer care and home warranties did not file for bankruptcy protection. Fulton Homes Corporation handles land and acquisition duties for the home builder.
At MVMA, wall-to-wall design winners
The Masonry Veneer Manufacturers Association Design Awards recognized a variety of projects featuring masonry veneer on the interior or exterior of the project.
The program was created to recognize the work of industry professionals who are setting trends by featuring manufactured stone veneer in their projects.
“For the second year, our judges were overwhelmed by the amount of quality submissions,” said Mike Fischer, MVMA general manager. “This award program is really picking up speed and epitomizes how masonry veneer products can be used for innovative and eye-catching projects.”
The gold winners included:
• Hardscape, residential: Toscana Palazzo Grande – Veneerstone;
• Hardscape, onresidential: Colonial Heritage – Environmental StoneWorks;
• Remodel, residential interior: Central Park West – Veneerstone;
• Remodel, residential, Exterior: Tambone Residence – Veneerstone;
• Remodel, nonresidential, interior: Christ the King Church – Environmental StoneWorks;
• Remodel, nonresidential: Exterior: Universal luxury apartments – Veneerstone;
• New Construction, residential interior: The Berman Residence – Quality Stone Veneer
• New Construction, residential exterior: HGTV Green Home 2011 – Coronado Stone Products
The judging took place at the Clarion Anaheim Resort Hotel in Anaheim, Calif., during the MVMA annual meeting. This is the second year that MVMA has hosted the event. The judges selected 27 winners (gold, silver and bronze) out of the total of 57 entries. Submissions for the contest were received from February through June of 2011.
Siemens expanding its building technology division
Siemens USA is seeking to fill more than 400 open positions in its building technologies division, the company announced, as it expands its portfolio of intelligent building automation and lighting controls, energy management and smart grid solutions, as well as renewable energy alternatives from solar to biomass.
Open positions in the building technologies division are based in various cities spread across 39 states in the U.S., and require skills and/or experience in building systems and energy efficiency, field service and sales, installation and project management, product marketing, and electrical and mechanical engineering.
"Buildings are actually the world’s biggest energy users, even ahead of transportation and industry, consuming one-third of the electricity in the U.S.," said Daryl Dulaney, president and CEO of Siemens Industry, Inc. "Siemens is looking to hire 400 new employees to support sales as well as the subsequent engineering and servicing of buildings targeted for retrofit or modernization to lower energy consumption, reduce CO2 emissions, and improve the bottom line for city budgets."
More information about the positions can be accessed by clicking here.
Siemens Corp. is a U.S. subsidiary of Siemens AG, a global manufacturer of electronics and electrical engineering, operating in the industry, energy and healthcare sectors. Siemens reported worldwide revenue of $102.9 billion in fiscal 2010. Siemens in the USA reported revenue of $19.9 billion.