The Las Vegas-based homebuilder “American West Development Inc.” has filed for Chapter 11 bankruptcy protection. American West filed the petition with the U.S. Bankruptcy Court for the District of Nevada in Las Vegas on March 1st citing the economic downturn and increasingly difficult credit market as reasoning.
No doubt Southern Nevada’s real estate market has been hit particularly hard during the recession and American West’s estimated $177.5 million in debt agreed upon with term lenders led by California Bank & Trust was the leading factor in the decision to file for Chapter 11.
Thinking of filing for bankruptcy? Contact Deluca & Associates today for a free consultation.