"We've been in business for 30 years, and we have every intention of continuing to do that for a long time to come," he said.
The firm is talking with banks about refinancing millions of dollars in outstanding loans, Todd Hendricks said, but he could not say how much was owed or which banks were involved.
Montgomery County Court records show that two banks, Wachovia and Continental, are suing the Hendrickses and THP for a total of $26 million in loans they want repaid. In addition, vendors and subcontractors have an additional $550,000 in mechanics' liens against the company, which has a dozen communities in the Philadelphia region and Lehigh County.
When asked whether THP would file for Chapter 11 bankruptcy protection, which would provide the opportunity to reorganize the business, Hendricks spoke only of the need to restart operations.
"We're exploring any possible way of getting to that," he said. "We're open to all options. We want to get to a healthy place."
John Clancy, 38, left his PennDot job early yesterday to hear Todd Hendricks, hoping to get a commitment regarding the $5,000 deposit he and his wife, Nicole, 28, put down on a $180,000 house in THP's Northgate development in Pennsburg.
"What about us first-time home buyers?" Clancy asked. "I'm concerned about myself and my wife, and what about our first home that you have the money for?"
"I'm not going to address individual cases," Todd Hendricks replied. "I know hundreds and hundreds of families are impacted. All I can do is apologize."
"Obviously, it is unpleasant and frustrating for me to own up to this situation," Todd Hendricks added.
The builder provided a number for buyers and others to call: 215-513-4270, Ext. 1311. But he did not respond to a request for an interview.
