Property Management

BuildNet Files Chapter 11

BuildNet, Inc., a business-to-business online supplier for homebuilders, today announced that it, along with six of its subsidiaries, has filed a petition for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Middle District of North Carolina. BuildNet"s wholly owned subsidiary, NxTrend, based in Colorado Springs, was not included in the filing. BuildNet"s petition for relief under Chapter 11 comes after Golden, Colorado-based HomeSphere rescinded its offer to merge with BuildNet, after BuildNet failed to reach agreement with its creditors. BuildNet had raised $140 million from venture capitalists.

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