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LandSource hearing pushed back

Posted: July 9, 2009 8:01 p.m.
Updated: July 10, 2009 7:30 a.m.
 
The owner of Newhall Land and Farming Co. has netted a little more time to sort out its bankruptcy issues.

A July 13 hearing has been rescheduled to July 20 for Judge Kevin Carey to rule on the Chapter 11 reorganization plan drawn up for LandSource Communities Development LLC, which filed for bankruptcy protection last summer.

The U.S. Bankruptcy Court judge will decide at that hearing whether to approve the reorganization plan, or convert the case to a Chapter 7 liquidation filing.

LandSource — owner of Newhall Land and Farming Co. — filed for Chapter 11 protection on June 8, 2008. At the time, the company received debtor-in-possession financing of $1.185 billion from a group of lenders led by Barclay’s Bank.

That financing expires at the end of the month.

The Chapter 7 conversion was requested by the committee of unsecured creditors, who stand too see little to no return under a reorganization.

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