Bad Land Deals Send Oregon Homebuilder Into Ch. 11

Law360, New York (June 11, 2008, 12:00 AM EDT) -- Oregon real estate developer Legend Homes Corp. has filed for bankruptcy protection, marking another victim claimed by the struggling real estate and credit markets.

Legend Homes’ parent company, Matrix Development Corp., filed a voluntary petition for Chapter 11 on Tuesday in the U.S. Bankruptcy Court for the District of Oregon, following speculation about the company’s financial viability. As of Dec. 31, 2008, the company listed total assets of $258 million and $198 million in total liabilities, court documents said.

A week before the bankruptcy filing, Portland...
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.