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A large, private homebuilder has put its Calgary division up for sale and halted construction work at dozens of homes in the region amid reports of debt problems.

Dave Abbey, the sales and marketing manager at ReidBuilt Homes in Calgary, said the parent company Reid Worldwide Corp. is seeking letters of intent from potential buyers until the end of the month.

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“They’ve gone through the books and realized that Reid Worldwide is overextended (in debt),” Abbey said. “They’re selling off assets to get back to their core business. Unfortunately, they view Calgary as non-core.”

Abbey said the sale and revelations of debt problems came after two senior executives were “removed,” and replaced.

The Calgary office had been informed about the sale less than a month ago, when “we were told everything was business as usual,” he said.

Last week, Abbey said the division learned all development planning and construction work would grind to a halt, with few exceptions.