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    Jo Hopworth on Justice For Natalie – Na…
    Mariam on Criminal Complaint filed in Ge…
    Martin Kraeter on ACI Dubai Funds filed bankrupt…
    Independent Observer on Iranian’s lawsuit reveals roya…
    Rado on DubaiTouristen landen schnell…
    Dubai Citizen on Al Fajer Properties Case…
    Dane on Outlook in concrete- Dubai Wor…
    jamesl fayad on RERA Dubai – Dubai Prope…
    Jacques on Malika Karoum finally arrested…
    James Brown on ACI – Alternative Capita…
    Journalist on Al Fajer Properties-500 Invest…
    ron oakeley on ACI – Alternative Capita…
    Benson Fu on Shahram Zadeh against Al Fajer…
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    Ali Varahram on Shahram Zadeh against Al Fajer…
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    • Criminal Complaint filed against Al Fajer Properties Sheikh Maktoum
      Criminal Complaint filed in Germany against Sheikh Maktoum Hasher Maktoum Juma Al Maktoum CEO of Dubai Developer Al Fajer Properties The Dubai Sheikh who mislead and extort a German Couple  Germany – Dubai 2011 A German elderly couple , today 80 + 50 years old who have been Dubai Tourists since a decade, bought in 2005 an apartment at Nakheel´s Dubai Residen […]
    • UAE: Human Rights Blogger, Sorbonne Lecturer Charged With ‘Humiliating' Officials
      source Human Rights Watch www.hrw.org (Beirut) - The United Arab Emirates attorney general should immediately drop all charges against five pro-democracy activists to halt their trial, Human Rights Watch said today. The charges of "humiliating" top officials relate solely to the defendants' peaceful use of speech to criticize the UAE governmen […]
    • Nakheel Dubai Sunland Case
      June 5, 2011After 21 hearings, Chris O'Donnell, the Australian chief executive of Dubai's major developer, Nakheel, came to the defence of his former colleagues Matthew Joyce and Marcus Lee. Mr Joyce and Mr Lee are accused of profiting from the sale of land that had been earmarked for a colossal high-rise development, which was to include the futur […]
    • Dubai Nakheel CEO decided to leave the company
      Dubai June 7, 2011 Nakheel said on Wednesday that its CEO Chris O'Donnell had left the company "after completing his contract terms". O'Donnell, an Australian who joined the developer in 2006, said he had decided to leave Nakheel following five years spent with the company, the statement added. O'Donnell has overseen a traumatic time […]
    • Owner of Dubai Developer Damac Hussain Sajwani files case against Egypt corruption ruling
      Dubai property developer Damac said on Tuesday it had filed an international arbitration case against Egypt over a land dispute and the conviction of its chairman and owner, Hussain Sajwani.A Cairo court last week sentenced Sajwani in his absence to jail and ordered him to pay a $40.5 million fine in connection with his 2006 purchase of land at Egypt's […]
    • Dubai Palm Jumeriah - Investors plan to take legal action
      Investors in Dubai Palm Jumeirah’s Golden Mile complex will this week serve the developer behind the project with a legal ultimatum to hand over their units or issue them with a refund.Up to ten investors in the luxury complex plan to issue Souq Residences with legal notice in a bid to force a resolution to a dispute that has been ongoing for more than a yea […]
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John Laing Homes, an American builder bought by Emaar Properties in 2006 for $1.05bn (Dh3.85bn), has filed for bankruptcy

Posted by 7starsdubai on February 20, 2009


John Laing Homes, an American builder bought by Emaar Properties in 2006 for $1.05bn (Dh3.85bn), has filed for bankruptcy.

The firm filed for protection in the US on Thursday under Chapter 11 bankruptcy laws, which shield companies from creditors as they restructure or sell off assets to repay debts. John Laing owes roughly $977m to banks and other creditors and has assets worth $1.3bn, court papers show.

Emaar’s purchase of John Laing in June 2006 was the cornerstone of its effort to expand into the US housing market. But Emaar, the Middle East’s largest developer, made the foray as the US housing market peaked.

With mortgage lending grinding to a standstill and US home prices down 25 per cent between June 2006 and last November, according to the Case-Shiller US Home Price Index, the 161-year-old John Laing has retrenched, laying off employees and scaling back operations.

The problems come just as Emaar confronts challenges of its own in the Middle East, where property prices have declined significantly and financing for projects has grown harder to come by amid tightening international credit markets.

According to documents filed in bankruptcy court, John Laing has been concentrating on its core business in southern California. It has closed divisions in Texas, Arizona, Colorado, Florida and northern California and laid off 1,010 workers, reducing its workforce to 90. The builder also plans to close Emaar Design Studios, a division created in 2007 as part of the company’s expansion, by March 31. All its 13 employees are to be laid off.

John Laing may also cancel projects it has undertaken jointly with Emaar, according to the filing, which was written by Bradley Sharp, John Laing’s chief restructuring officer. The document did not specify which projects may be in jeopardy.

“The debtors are in the process of analysing which, if any, of the Emaar-related projects will continue in the future and only intend to proceed with those projects that, in the exercise of their business judgment, will provide a benefit to the debtors’ estates and creditors and for which the debtors will be compensated by Emaar,” the filing said.

The troubles at John Laing have already put a dent in Emaar’s earnings. All of Emaar’s loss of Dh1.76bn (US$480m) for the fourth quarter of last year was attributable to the performance of the American builder. Emaar last week said it wrote down Dh1.77bn in the fourth quarter on its investment in the company, and took an additional Dh919m write-down because of reductions in the value of John Laing’s property holdings. Excluding these losses, Emaar would have posted a Dh924m profit in the quarter.

source The National

John Laing Homes files for bankruptcy – The National

 

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