Newhall Land files Chapter 11

Posted by Rick Orlov on June 10, 2008 5:49 AM | | Comments (0) |

The parent company of the developer of the 21,000-home Newhall Ranch project has filed for Chapter 11 bankruptcy protection, adding another hurdle in the decade-long quest to build California's largest residential community. Karen Maeshiro in the Daily News.

Hammered by plummeting property values and tight credit, LandSource Communities Development LLC - which owns The Newhall Land and Farming Company - said late Sunday that it was unable to reach a loan restructuring agreement with lenders.

"LandSource tried for several months to reach agreement with its lenders on how to modify and restructure its debt in order to bring it more in line with the realities of today's real estate market," Tamara Taylorreal, a spokeswoman for the real estate partnership, said Monday.

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Los Angeles Daily News City Hall reporter Rick Orlov writes about politics on the local, state and national stage.

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