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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.