Raleigh builder files for bankruptcy

February 3, 2009 8:48:42 AM PST
The slumping housing market has claimed another victim. Raleigh based builder, St. Lawrence Homes, has filed for bankruptcy protection.

According to bankruptcy filings, St.Lawrence, which lists $158 million in assets, owes $116 million to creditors.

The company plans to continue operating as it restructures itself.