WILMINGTON, DEL. (CN) – LandSource Communities Development, whose assets include the 15,000-acre Newhall Land and Farming Co. north of Los Angeles, have filed for bankruptcy, listing more than $1 billion in debts. The California Public Employees’ Retirement System, or CalPERS, owns 68% of LandSource; Lennar Corp. and Cerberus Capital Management’s LNR Property each own 16% of it, Reuters reported.
Also filing for bankruptcy, listing identical or similar creditors, were The Newhall Land and Farming Co., California Land Co., Friendswood Development Co., Lennar Land Partners II, Kings Wood Development Co., LSC Associates, Lennar Mare Island, Lennar Moorpark, Lennar Stevenson Holdings, and a dozen other LLCs.
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