Beset By Creditors, Fairfield Files Prepack Ch. 11

Law360, New York (December 14, 2009, 4:18 PM EST) -- Facing pressure from creditors amid the real estate crash, Fairfield Residential LLC — one of the United States' largest multifamily housing developers — has ducked into bankruptcy with a proposed reorganization plan that would liquidate some of its businesses.

Fairfield and 14 subsidiaries filed a Chapter 11 petition in the U.S. Bankruptcy Court for the District of Delaware on Sunday, blaming their financial woes on the tanking real estate industry and their inability to refinance debt that exposed them to $1.2 billion in repayment obligations....
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