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Showing posts from December, 2009

Apartment developer Fairfield Residential LLC Files for Bankruptcy

Fairfield's bankruptcy documents, filed in Delaware, list assets of $100 million to $500 million and liabilities of more than $1 billion. Apartment developer Fairfield Residential LLC, which has projects in North Texas, has filed for Chapter 11 bankruptcy protection.The company said it reached an agreement with its major creditors for the “framework of a consensual plan of reorganization.” A new operating company was formed that will allow Fairfield to continue to operate its property and asset management, construction services and general partner functions. The new operating company has the ability to raise capital.“Through our productive discussions over the past year, we have reached agreements with our lender groups that will allow us to continue to provide property management services, complete our construction projects and preserve value for our creditors,” president and CEO Christopher Hashioka said.Fairfield specializes in multifamily housing and is based in San Diego, Cal…