Another Homebuilder Files For Ch. 11

Law360, New York (January 29, 2008, 12:00 AM EST) -- Homebuilder Tousa Inc. will file for Chapter 11 protection as part of a restructuring agreement it has already reached with more than half of its senior noteholders.

Announcing the bankruptcy filing Tuesday, Tousa cited the “dramatic” downturn of the American housing market in recent months. Like many observers, Tousa blamed the housing market's deflation on “severe liquidity challenges in the credit and mortgage markets, diminished consumer confidence, increased home inventories and foreclosures, and downward pressure on home prices.

"This action is necessary to reflect the realities...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.