WORLD Law Direct Forums
Home > WORLD Law Direct Forums > BUSINESS & FINANCE LAW > Starting a Business > Business Bankruptcy > Where There’s Laird, There’s a Chapter 11: Developer LandSource Files

Where There’s Laird, There’s a Chapter 11: Developer LandSource Files

This is a discussion on Where There’s Laird, There’s a Chapter 11: Developer LandSource Files within the Business Bankruptcy forum, part of the Starting a Business category; Once again, there’s Laird, god of big-wave surfing, launcher of a new clothing line and, most importantly, the unofficial Law ...

Consult Your Own Personal Lawyer Now!
Reply

 

Thread Tools Search this Thread Rate Thread Display Modes
Old Jun 9th, 2008, 10:40 AM   #1
News
 
WSJ_law_blog's Avatar
 
Join Date: Mar 2008
Posts: 1,438

Default Where There’s Laird, There’s a Chapter 11: Developer LandSource Files



Once again, there’s Laird, god of big-wave surfing, launcher of a new clothing line and, most importantly, the unofficial Law Blog Bankruptcy Mascot. The latest from the bankruptcy world, as the Chapter 11 wave continues to crest: Real estate partnership LandSource Communities Development LLC filed for Chapter 11 protection in Delaware. Here are stories from the WSJ’s Michael Corkery and Reuters. Repping LandSource is Marcia Goldstein, Debra Dandeneau, and Robert Lemons of Weil Gotshal. Local counsel from Richards, Layton & Finger P.C. are also on the case.

LandSource, based in Aliso Viejo, Calif., is a large property developer backed by the largest California pension fund, Calpers. According to Reuters, its primary investment is The Newhall Land and Farming Company, which owns 15,000 acres of land north of Los Angeles. At the end of April, a Standard & Poor’s report said the company would soon seek protection from creditors, citing unnamed lenders. S&P said the company’s cash had declined to about $25 million from about $115 million in early February.

The company has reportedly lined up $135 million in debtor-in-possession financing from a host of lenders led by Barclay’s bank. According to Dow Jones Newswires Peg Brickley, the terms of the financing are on the onerous side: Within 20 days of the filing, they must file a motion to retain a chief restructuring officer to help senior management with running the company.

Photo: Getty Images

Last edited by top_admin; Jun 9th, 2008 at 11:05 AM.
WSJ_law_blog is offline   Reply With Quote
Reply

Bookmark & Share



Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

| More

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Format Your Messages
Add Forum to Google Toolbar
Forum Jump

Similar Threads

Thread Thread Starter Forum Replies Last Post
Was the Massage Chair Sen. Stevens’s ‘Photofete’ Moment? WSJ_law_blog Law News 0 Oct 28th, 2008 12:20 PM
‘Class, Please Turn to . . . Chapter 11’; Ky School Files for Bankruptcy WSJ_law_blog Law News 0 Sep 26th, 2008 02:30 PM
Judge Under Fire for YouTube Order; Cap’n Awesome’s Unhappy WSJ_law_blog Law News 0 Aug 6th, 2008 08:21 PM
D.C. Circuit to Treasury: ‘Yer Money’s No Good Here!’ WSJ_law_blog Law News 0 May 20th, 2008 01:50 PM
Fallout from L’Affaire Spitzer: ‘Kristen’ Sues ‘Girls Gone Wild’ Founder WSJ_law_blog Law News 0 Apr 29th, 2008 01:00 PM




All times are GMT -5. The time now is 08:28 AM.