Law360, New York (March 27, 2008, 12:00 AM ET) -- In part provoked by its $114.9 million in outstanding debt to a German bank, a privately held real estate financier's loan holding company has filed for Chapter 11 protection in order to avoid foreclosure sales of its assets.
BFWest LLC, a wholly owned subsidiary of Fort Lauderdale, Fla.-based BuilderFinancial Corp., which provides mezzanine financing to builders, lodged a voluntary Chapter 11 petition Wednesday in the U.S. Bankruptcy Court for the Southern District of Florida.
With a portfolio of acquisition, development and construction loans, BFWest estimates its...
Florida Home Loan Holding Co. Enters Bankruptcy
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