Ariz. Developer Seeks Ch. 11 In Face Of $90M Foreclosure

Law360, New York (March 14, 2012, 10:02 PM EDT) -- Granite Dells Ranch Holdings LLC filed for Chapter 11 protection Tuesday, a week after a creditor foreclosing on an $90 million secured loan backed by 15,000 acres of Arizona land sued Granite Dells seeking the appointment of a receiver.

Granite Dells listed between $100 million and $500 million in estimated assets in its bankruptcy petition, along with between $100 million and $500 million in estimated liabilities.

Arizona Eco Development LLC sued Granite Dells March 6, asking an Arizona Superior Court judge to appoint a receiver to...
To view the full article, register now.