Excerpt:

SunCal Corporation’s New Mexico subsidiary, Westland DevCo, has filed for Chapter 11 protection in a U.S. bankruptcy court in Delaware. SunCal bought the 57,000 acre Atrisco land grant on the western fringe of Albuquerque in 2006, for about $250 million, with plans to develop it into a new city. It’s partner in the acquisition was D.E. Shaw, a New York investment firm. Since then, SunCal has been plagued by bankruptcies as it got caught up in a real estate market gone bust.