LandSource Communities Development LLC, the joint venture that owns Santa Clarita's Newhall Land & Farming Co., filed for bankruptcy late Sunday, according to a report in the Wall Street Journal.

The company, which built the city of Valencia, is developer of the proposed 21,000 home Newhall Ranch project west of the Golden State (5) Freeway in the Santa Clarita Valley. LandSource has received $135 million in a revolving credit line to continue operating while in banktrupcty. The California Public Employees' Retirement System is a major investor in the venture.

- Read the full Wall Street Journal story .

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