US house builder John Laing Homes has filed for Chapter 11 bankruptcy protection. The company is owned by Dubai, UAE-based real estate developer Emaar Properties.
The Chapter 11 filing has been made in the state of Delaware, and court papers show the company has US$ 500 million of debt and US$ 1 billion of assets.
Emaar acquired the company in June 2006 at the height of the US house-building boom. In 2007 it had revenues of US$ 948 billion, selling 1371 homes.
The company trades under the John Laing name, but is incorporated as WL Homes, a company formed in 1998 when John Laing merged with Watt homes. A small house builder by US standards, the company is active in the southwestern US states.