Objections Fly As John Laing Homes Files For Ch. 11

Law360, New York (February 20, 2009, 12:00 AM EST) -- WL Homes LLC, which does business as John Laing Homes, on Thursday filed a voluntary petition for Chapter 11 bankruptcy protection and almost immediately ran into a buzz saw of objections from banks to whom the debtors owe tens of millions of dollars.

One of the largest homebuilders in the U.S., John Laing Homes' six affiliated entities filed the petition in the U.S. Bankruptcy Court for the District of Delaware, listing assets of $1.3 billion and liabilities of $977 million as of Nov. 30.

"The company's...
To view the full article, register now.