Slow Sales Push Developer Tarragon Into Ch. 11

Law360, New York (January 13, 2009, 12:00 AM EST) -- Residential real estate developer Tarragon Corp. is seeking Chapter 11 bankruptcy protection, becoming the latest casualty of a dismal real estate industry that has sparked a number of bankruptcy filings by home builders over the past year.

Tarragon and 19 affiliated debtors filed a Chapter 11 petition Monday in the U.S. Bankruptcy Court for the District of New Jersey, citing assets of $840 million and liabilities of approximately $1 billion.

The New York-based company, an urban home builder specializing in the development and marketing of high-density...
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