Famed Builder Of First U.S. Suburbs Files For Ch. 11

Law360, New York (November 12, 2007, 12:00 AM EST) -- The mortgage collapse has claimed another victim in homebuilding company Levitt & Sons LLC and 37 of its subsidiaries, which filed for Chapter 11 bankruptcy protection Friday.

In a voluntary petition for Chapter 11 filed in the U.S. Bankruptcy Court for the Southern District of Florida, Levitt & Sons cited the recent downturn in the homebuilding industry, particularly in Florida and the southeastern United States, as the reason for its financial collapse.

The company listed $1 million to $10 million in assets and over $100 million...
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