LA Developer Meruelo Maddux Ducks Into Ch. 11

Law360, New York (March 27, 2009, 12:00 AM EDT) -- Los Angeles-based real estate developer Meruelo Maddux Properties Inc. has filed for Chapter 11 bankruptcy protection after rapidly burning through cash and falling behind on payments for at least $266 million in loans.

The development firm filed for bankruptcy Thursday in the U.S. Bankruptcy Court for the Central District of California, listing total assets of about $682 million and total debts of about $342 million, according to petition documents.

In a notice on its Web site, the Meruelo Maddux said it sought Chapter 11 protection because...
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