Friday, May 6, 2016

May 6th Press Release from Innovative Building Systems

Mechanicsburg, PA - Innovative Building Systems, LLC (IBS) (www.innovativebuildingsystems.com) announced today that the landlord of several of the Company’s manufacturing facilities has sent the Company a Notice of Termination of Lease. The Company disputes the Notice of Termination of Lease but this has impaired its ability to continue the negotiations it has been engaged in for the last several months with its senior secured creditor, alternative lenders, as well as potential buyers, regarding the Company’s existing credit facilities, additional credit facilities and the possible sale of the Company.
The management of IBS is continuing to explore all options for the continuation of the Company as a going concern, but as a result of the lease termination, IBS may be forced to discontinue operations unless an immediate buyer of the Company assets is obtained.

About Innovative Building Systems
Innovative Building Systems (IBS) is the leading custom modular home producer in the U.S., operating factories in Maine, Pennsylvania, Virginia, Indiana, and Iowa. Through its subsidiaries it markets its single family homes under the following brand names: Excel Homes, All American Homes, Keiser Homes, Future Homes, Epoch Homes, Modukraf Homes, and HandCrafted Homes. It’s multi-family and commercial buildings are constructed at all five facilities under the brand Innovative Design and Building Services, LLC (IDBS).
Contact
Innovative Building Systems Phil Hickman
800-345-6767 Extension 2282
OR
Jolene Myers 717-458-1412

7 comments:

Anonymous said...

This is reason they are filing for bankruptcy?

Anonymous said...

I'm not sure what assets they are speaking of, other then tooling. They didn't buy the factories in most of the acquisitions just the brands. The one major peice of real estate they do own in Liverpool, PA, from what everyone is being told was sold to Champion. Is a couple million dollars debt considered an asset these days?

Anonymous said...

According to this article, they're "going out of business", which is probably why they are filing for bankruptcy. Plants have been closed for a couple of months, which is also a pretty good indicator.

http://www.insideindianabusiness.com/story/31909077/custom-home-producer-closes-decatur-facility

Anonymous said...

Based on the news release it may have be the proximate cause but not the only cause. Bankruptcy proceedings may buy them time to complete projects for the benefit of builders and end buyers; time to find a suitable buyer for the BRANDS if not the physical plants; or time to sell assets, equipment; or materials. The only winners will be the legal teams.

Anonymous said...

Sounds to me they should have got rid of overhead and management a few years ago when they claimed bankruptcy that might be part of the problem??????

Anonymous said...

I find it amazing that the Liverpool plant did so well until corporate came into the picture and now there are so many jobs lost.Bad management was a big problem. The upper management made out but the people who worked on the floor and made this company what it was lost. so sad. people who stuck around through thick and thin out the door.

Anonymous said...

So what about all the people who have deposits with this company? How are they going to get their money back? This not only involves the people who have lost their jobs but people who have given them life savings and no answers! What happens to them???