Thursday, February 19, 2009

Homebuilder Survives Depression, Files Bankruptcy

by Bill McBride on 2/19/2009 11:36:00 AM

From Bloomberg: WL Homes, Homebuilder, Seeks Bankruptcy, Cites Market Collapse

WL Homes LLC [also does business as John Laing Homes], the 161-year-old homebuilder, filed for bankruptcy protection from creditors with plans to focus on developments in Southern California.

The company blamed its filing on the collapse of the real estate market, saying its 2007 sales had fallen by about half ...
Jon Lansner at the O.C. Register had been following WL Homes, from one week ago: Laing Homes lays off 72 O.C. workers
More evidence surfaced this week that all is not well with Newport Beach-based homebuilder John Laing Homes, which apparently has been all-but mothballed by its Dubai-based owner.

Laing reported that it laid off 72 employees in Orange County on Jan. 15, according to a state Employment Development Department notice published Monday.
...
Rumors have been circulating that the company — sold for $1 billion to Emaar Properties of the United Arab Emirates in June 2006 — has halted work on projects from here to Colorado.
Not a very good $1 billion investment.