After years enduring lawsuits and other conflicts over plans to build almost 2,000 homes near the Placer County town of Penryn, SunCal Bickford Ranch LLC, has filed Chapter 11 bankruptcy.
The giant Irvine land developer blamed the project's financial collapse on the implosion of the Wall Street investment bank, Lehman Brothers.
"The Lehman Brothers bankruptcy has created a situation that stands in the way of any new capital coming into the project," said David Soyka, a SunCal Companies spokesman, in a statement.
The Sierra foothills project was designed as a 1,942-acre golf course development. As of the bankruptcy filing, no homes had been built.
SunCal said the bankruptcy filing, which seeks protection from creditors, is only for its Bickford Ranch limited liabiilty firm. It does not apply to SunCal itself.
Call The Bee's Jim Wasserman, (916) 321-1102. Read his blog on real estate, Home Front, at www.sacbee.com/blogs.
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