Under Fire, Homebuilder Woodside Files Ch. 11

Law360, New York (September 17, 2008, 12:00 AM EDT) -- The implosion of the housing market has claimed one of the nation’s largest privately held homebuilders. Woodside Group LLC filed for Chapter 11 Tuesday, roughly a month after a collection of banks and insurers with $720 million in claims fired off involuntary petitions against the company.

Woodside filed for relief in the U.S. Bankruptcy Court for the Central District of California after reaching an agreement with noteholders who lodged the involuntary petitions in August to force Woodside and 183 subsidiaries to declare bankruptcy.

As of Dec....
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