Colo. Housing Development Files For Ch. 11

Law360, New York (October 29, 2010, 12:44 PM EDT) -- Banning Lewis Ranch Co. LLC, a large housing development in Colorado Springs, Colo., has filed for Chapter 11 protection, blaming an uncertain economy and housing market for its financial difficulties.

The company filed a bankruptcy petition Thursday in the U.S. Bankruptcy Court for the District of Delaware, listing assets of between $50 million and $100 million and liabilities of over $100 million.

Banning Lewis Ranch's largest unsecured creditors are Greenfield BLR Partners LP, to which it owes $70 million; Key Bank NA, to which it owes...
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