Builder American West Heads To Ch. 11 In Pact With Banks

Law360, New York (March 1, 2012, 10:21 PM EST) -- Las Vegas residential builder American West Development Inc. filed for Chapter 11 Thursday, saying it had reached a reorganization agreement with a group of seven banks led by California Bank & Trust.

The company, founded in 1984, has more than $207 million in liabilities and less than $56 million in assets, according to papers filed in a Nevada bankruptcy court.

American West attributed its financial woes to the economy and said it would continue to pay vendors, subcontractors and suppliers in full and provide homeowner warranty...
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