Verde Building Solutions Inc. filed for chapter 11 protection on Oct. 11, according to records from the U.S. Bankruptcy Court for the Western District of North Carolina, the Charlotte Business Journal. In the filing, the company's assets were estimated to be between $500,001 and $1 million. Its liabilities, or potential financial obligation or debt owed in the future, were listed between $1 million and $10 million. The company's secured and unsecured debt is less than $7.5 million, not including debts owed to insiders or affiliates, the filing shows. That allowed Verde to file for bankruptcy under subchapter five, which doesn't require it to receive creditors' approval for its repayment plan. The company was founded in 2013, according to state business corporation records. Verde president Ron Staley is also behind Verde Homes. That company, founded in 2014, builds semi-custom, economically friendly homes and also does residential construction complex remodels and additions. Its portfolio includes six townhome/residential communities in Charlotte and one in Raleigh. In May 2019, Verde Homes received pushback from residents on a plan to develop a dozen age-restricted homes on Sardis Road, between Oak Creek and Creek Valley drives. Staley said at the time that the project would allow older residents to age in place. But community members argued it didn't align with approved plans and policies for that area or the city. The petition was eventually withdrawn. Verde Building Solutions will remain in possession of its properties and the management of its business during the bankruptcy proceedings, according to the filing.
