Attorneys for Orange County companies filing for bankruptcy are having a busy 2009.
From the OC Register online:
“Troubled O.C. builder John Laing Homes — owned by a Dubai-based real estate empire — entered bankruptcy today with what court papers say was an estimated $977 million in liabilities and $1.3 billion in assets at the end of fiscal 2008, a year in which the Irvine-based luxury home builder sold $287 million worth of homes.
The company issued this statement:
John Laing Homes, one of the largest privately held homebuilders in the United States, announced today that it, along with certain of its affiliates, have elected to file Chapter 11 petitions in the US Court for the District of Delaware. John Laing Homes anticipates that the Chapter 11 process will allow it to significantly reduce debt from its balance sheet while facilitating a strategic reorganization of the company, which will place it in the strongest possible position to sustain its momentum despite extremely challenging market conditions. In conjunction with the Chapter 11 filing, John Laing Homes intends to utilize a debtor in possession line of credit that has been organized to maintain operations. As well, the company has filed motions to support its planned operations during the reorganization process.
Laing Homes sold for $1.05 billion in 2006 to Dubai-based Emaar Properties PJSC, a deal made at the peak of the housing market. Court papers show that Emaar invested another $600 million in Laing since the acquisition. The company’s origins date to 1848 when James Laing, father of John, built his first home in the English countryside.
Laing has five ongoing projects in Orange County: Sendero at Portola Springs, Stone tree Manor at Woodbury and Four Quartets at Woodbury, all in Irvine; Lucia at Talega in San Clemente and SeaPoint at Crystal Cove in Newport Coast. It also has developed communities at the former Tustin Marine Air Corps Station and Forster Ranch in San Clemente.”
