John Laing Homes, an American builder bought by Emaar Properties in 2006 for $1.05bn (Dh3.85bn), has filed for bankruptcy.
The firm filed for protection in the US on Thursday under Chapter 11 bankruptcy laws, which shield companies from creditors as they restructure or sell off assets to repay debts. John Laing owes roughly $977m to banks and other creditors and has assets worth $1.3bn, court papers show.
Emaar’s purchase of John Laing in June 2006 was the cornerstone of its effort to expand into the US housing market. But Emaar, the Middle East’s largest developer, made the foray as the US housing market peaked.
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