Emaar subsidiary John Laing Homes files for Chapter 11
By Chris Sleight23 February 2009
US house builder John Laing Homes has filed for Chapter 11 bankruptcy protection. The company is owned by Dubai, UAE-based real estate developer Emaar Properties.
The Chapter 11 filing has been made in the state of Delaware, and court papers show the company has US$ 500 million of debt and US$ 1 billion of assets.
Emaar acquired the company in June 2006 at the height of the US house-building boom. In 2007 it had revenues of US$ 948 billion, selling 1371 homes.
The company trades under the John Laing name, but is incorporated as WL Homes, a company formed in 1998 when John Laing merged with Watt homes. A small house builder by US standards, the company is active in the southwestern US states.