Related articles:

Tucson homebuilder files for bankruptcy todayHome builder makes bankruptcy filing

Other articles by Christie Smythe:

Christie Smythe: Former 'Ugly house' franchise settles suitTucson firm accused of 'deceptive tactics' in foreclosure rescuesLocal builder Pathway files for Chapter 7 bankruptcyTucson's Pathway Developments files for bankruptcy liquidationArizona mortgage failures fuel crisisShovels poised at South Side shopping centerReal Estate by Christie Smythe: Housing slide cuts antique door salesTucson office market in cooldownTucson's median home price plunges by 7.5 percentPhoenix-area lender to add Tucson firm

General
A1 Communications
Cable Techs Health Care
Sierra Tucson
Eating Disorders Program Coordinator Trades/Construction
RANCHO RESORT
MAINTANANCE POSITION

Local home builder Sierra Pacific Homes LLC filed for Chapter 11 bankruptcy protection on Friday.

A petition filed with the court provides estimates of $10 million to $50 million for the company's assets and debts. Chapter 11 bankruptcy allows a company to reorganize and pay off debts while it continues to operate.

Among the company's largest unsecured creditors are Colorado River Materials Inc., of Marana, which is owed nearly $500,000, Polaris Land Surveying LLC, of Tucson, which is owed about $18,000 and Tucson Patio Walls, of Tucson, which is owed about $12,000.

Court records show Sierra Pacific also owes about $17,500 to Tucson Newspapers Inc., a joint operating entity for the Arizona Daily Star and the Tucson Citizen.

Sierra Pacific Homes started building in Tucson in 1993 and has built more than 500 homes in Tucson, according to the company's Web site. No one answered calls placed to the company's office on Friday. A message left there got no immediately reply.

Sierra Pacific is part-owned by Torrance, Calif.-based Elite Homes and Tucson-based Tri-Star Development Inc., according to state incorporation information. The president and vice president of Tri-Star Development are John and Renee Agresti, according to corporate filings.

The builder operated in developments on the Southwest, Southeast and Northwest sides including Countryside Manor, Desert Point Estates, Mountain Manor View, Sonoita Ranch Estates, Sonoran Ranch Estates II and Vista Montaña Estates, according to the Web site. The Web site lists Andrada Ranch in Vail as "coming soon."

Marco Rincon, a loan officer at Nova Home Loans who did business with Sierra Pacific, said he handled a few loans for the builder's customers this year, but none in the past month.

Rincon said he was not aware the builder was in serious financial trouble. "Up until half an hour ago," when he learned of the bankruptcy, "everything was still a go," Rincon said.