Bassadour Butler & Eugene, a Raleigh-based real estate development company, filed for Chapter 7 bankruptcy last week.
The company joins a growing list of local real estate firms that have run into trouble since lenders tightened standards and
the pace of new construction slowed.
In February, Mammoth Grading of Raleigh and Fowler Contracting of Cary declared bankruptcy. Last month Durham-based Mainline Contracting filed for Chapter 11.
BB&E's filing lists assets of up to $50,000 and liabilities of between $100,000 and $500,000. Total creditors number between 50 and 100.
The largest creditor listed is GMAC at $96,000. Other creditors include Ford Motor Credit ($35,000), BP Gas ($18,000), and Office Max ($15,000).
BB&E started in 1994. The company provides design, construction and consulting services to residential and commercial projects.
A call to the company's Boylan Avenue office went straight to voice mail this afternoon.
Business reporter David Bracken came to the N&O in 2004. He covers commercial and residential real estate. Contact David at 919-829-4548 or 
Comments
Another victim of the subprime mortgage fiasco.
Wed, 10/14/2009 - 11:51 — lawrencekIt's sad to see yet another honest real estate developer and small business fall vicitim to the hedge fund / subprime mortgage scheme. Lawrence of http://www.OntarioMortgageSuperstore.com