Albuquerque Journal: Westland Files for Bankruptcy
Westland DevCo, a limited partnership between D.E. Shaw and SunCal Companies to develop a 55,000-acre parcel of land into a master-planned community west of Albuquerque, filed for Chapter 11 bankruptcy protection Monday to restructure its debt.
The bankruptcy filing lists creditors with unsecured claims including law firms Jones Day in New York and Modrall Sperling Roehl in Albuquerque, accountant firm Deloitte & Touche, and architectural, landscaping, lobbying and public relations firms. The partnership has continued spending to preserve and enhance the value of the development, including payment of about $217,000 in real estate taxes; $134,000 on water and renewable energy development; and $110,000 on a long-range development plan, according to Westland's statement. It has also explored funding and permitting for a 247-acre solar farm and broadband services.