Barclays Files Plan In LandSource Ch. 11

Law360, New York (October 14, 2008, 12:00 AM EDT) -- Debtor-in-possession finance provider Barclays Bank PLC filed a proposed plan of reorganization for LandSource Communities Development LLC on Monday, less than a week after the exclusivity period ended.

Acting as administrative agent, Barclays filed both the proposed plan and a motion to authorize the bank to file a disclosure statement with the U.S. Bankruptcy Court for the District of Delaware.

LandSource is in the business of planning and developing — though, with the exception of one California site, not physically constructing — master-planned communities in Arizona,...
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