Reuters: Albuquerque developer files for bankruptcy
Submitted by west on Mon, 04/05/2010 - 16:39
WILMINGTON, Del., April 5 (Reuters) - A company that planned an "enormous and unprecedented" residential and commercial development in the City of Albuquerque, New Mexico, filed for bankruptcy on Monday, according to court documents.
Westland DevCo Inc filed for bankruptcy with $361 million in assets and $198 million in debts, as of Dec. 31.
Westland DevCo's limited partners are units of D.E. Shaw and SunCal Cos. SunCal bought 55,000 acres in Albuquerque in 2007 for $250 million, according to the Albuquerque Journal.
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