Barclays Bank, the lead lender for land developer LandSource, is calling for an almost-immediate liquidation of its assets. From a BigBuilderOnline story:
Barclays Bank, representing the lead creditors of LandSource, filed a plan in bankruptcy court on Monday Oct. 13 calling for liquidation of the giant land development company by auctioning off all its assets within 120 days of the court's approval and distributing the proceeds among creditors.
The move seems an abrupt about-face for Barclays, which, shortly after LandSource filed for Chapter 11 bankruptcy court protection in June, agreed to provide the California-based company with debtor in possession financing to keep its doors open and employees paid for a year during the reorganization...
Click here for full story.
Friday, October 17, 2008
Lead bank pushing for liquidation of land developer LandSource
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