Irvine-based homebuilder John Laing Homes filed for Chapter 11 bankruptcy Thursday, citing turmoil in the housing market.
The filing, made in Delaware’s bankruptcy court, lists assets of more than $1 billion and debt of $500 million to $1 billion.
The company said it plans to get out of markets other than California. It will focus on building in select communities in its core Southern California market and its luxury division. It’s a quick fall for the company, which was bought in 2006 by Dubai’s Emaar Properties PJSC for $1.1 billion, near the peak of the housing market.
Speculation about John Laing’s future had been rampant the past few weeks. The filing comes a few weeks after John Laing closed sales offices across California, Colorado, Arizona and Texas, and slashed its total staff to about 90 employees.
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