Mercedes Homes, the Melbourne-based private builder that thrived in the Tampa suburbs during the housing boom, filed this week for Chapter 11 bankruptcy protection in South Florida.

The builder numbered its creditors at between 1,000 and 5,000. Fifth Third Bank is owed $7.1-million. 84 Lumber, due $615,000 from Mercedes, is among the contractors owed the biggest bucks.

Unlike Windjammer Homes, which filed to dissolve itself this week, Mercedes clearly intends to stay in business. The bankruptcy filing notes that it's hiring financial advisers to restructure it debts on the assumption every creditor will be made whole.

After covering the housing industry for many years, I admit I liked the Spanish-style homes Mercedes built up in Pasco County. A couple friends of mine live in them.

Mercedes is at least fifth private local builder either filing for bankruptcy of going out of business. The big national publically-traded builders like Pulte, Lennar and KB Homes, though financially strained, seem to have the money to outlast most private builders.

Click here to read Mercedes' main bankruptcy filing: Download mercedes.pdf