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Calif. Real Estate Partnership Enters Chapter 11

Law360 (June 9, 2008, 12:00 AM EDT) -- A Los Angeles-based developer of master-planned communities that counts the California Public Employees' Retirement System as a significant stakeholder entered Chapter 11 Sunday, in what it characterized as an effort to restructure its debt for the long term.

LandSource Communities Development LLC filed a voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the District of Delaware, along with several of its subsidiaries. It estimated both assets and liabilities in excess of $1 billion.

“LandSource believes Chapter 11 provides the most effective means for the...
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