FOR IMMEDIATE RELEASE
March 1, 2012
AMERICAN WEST DEVELOPMENT REACHES AGREEMENT WITH
CREDITORS FOR DEBT REORGANIZATION
LAS VEGAS, NV – American West Development, Inc., a locally-owned company that has been building residential communities in southern Nevada since 1984, announced today that it has reached a reorganization agreement with a consortium of seven banks led by California Bank and Trust.
The financial reorganization does not impair any of its business relationships. All vendors, subcontractors, and suppliers will be paid in full. In addition, the company will continue to provide homeowner warranty services as normal.
“The economic downturn of the past four years has hit the homebuilding industry hard, particularly in southern Nevada,” said Robert Evans, president of American West Development. “With unanimous support from all of our lenders, this reorganization will allow us to move forward with existing and new projects, protect our current employees and subcontractors, and provide for our homeowners.”
Recognized as one of the top 100 homebuilders in the country for each of the last 25 years, American West Development currently has 8 single-family communities under construction in the Las Vegas Valley. This year the company is adding the new communities of Carmel Hills, Brookside, Brentwood, Bridgewater, Highland Collection and Stonebridge.
“American West Development is committed to long-term growth in southern Nevada. We have confidence in this market, and this plan will strengthen the company’s finances and provide the foundation for continuing our commitment to building quality homes and beautiful neighborhoods,” said Evans.