Levitt, the home builder of 21st century modern American suburb, files for bankruptcy protection
U.S. builder Levitt files for bankruptcy protection
Fri Nov 9, 2007 5:56pm EST
CHICAGO, Nov 9 (Reuters) - Levitt & Sons (LEV.N: Quote, Profile, Research), the U.S. residential builder that created a template for the modern American suburb, said on Friday that it had filed for bankruptcy protection.
The company said the voluntary filing, made under Chapter 11 in U.S. Bankruptcy Court in the Southern District of Florida, was made "in response to unprecedented conditions in the homebuilding industry, which have severely impacted the company."
Levitt, which built "Levittown," a subdivision in Long Island, New York that is widely regarded as the first master-planned community, said the downturn was especially pronounced in Florida and the Southeastern United States -- the markets in which it now operates. |
