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A large Alberta homebuilder in financial turmoil has told contractors it doesn’t have enough money to cover unpaid bills as it works with financial advisers and lenders to shore up its business.

ReidBuilt Homes said earlier this month its Calgary division is up for sale, and construction on upwards of 80 homes in the region has been halted, amid debt problems at its parent company, Reid Worldwide Corp.

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In a letter obtained by Postmedia, senior executives with the company wrote contractors that “difficult economic conditions in Alberta” have forced it to consider asset sales, joint ventures and financing.

“We recognize that many, if not most of you, have unpaid invoices for work previously provided,” the letter states.

“Unfortunately, the company does not currently have the funding to repay these outstanding liabilities.”

The company sent the letter in an email that did not reveal the list of recipients, but three Calgary contractors separately verified they received it.