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Developer with local projects files for bankruptcy
| Wednesday, Apr 23 2008 7:12 PM
Last Updated: Wednesday, Apr 23 2008 7:03 PM
A Sacramento homebuilder with several troubled Kern projects filed for bankruptcy protection Wednesday.
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John D. Reynen of Reynen & Bardis Communities Inc., along with his wife Judy M. Reynen, filed for Chapter 11 protection as individuals saddled primarily with business debts, court documents filed in a federal bankruptcy court in Sacramento show.
The company said in a press release the filing will help it restructure debts and continue operations.
Another Sacramento homebuilder with local projects, Dunmore Homes, filed for bankruptcy protection last fall.
Last week, the Shafter City Council approved a request from Reynen & Bardis to temporarily shelve plans for a large housing project, Gateway Estates, until unspecified details could be worked out.
The company’s Hidden Grove community in Wasco, meanwhile, was left standing partially built late last year —except for eight finished homes — when Reynen & Bardis halted construction at all their sites, which stretch from Bakersfield to Sacramento.
The company has defaulted on a $6.9 million loan on a northeast Bakersfield project and a $35 million construction loan on a Wasco project in the last five months.
In December, the developers missed some $240,000 worth of Kern property tax payments, county records show. Wednesday’s initial bankruptcy filing shows Lennar Renaissance Inc. as the largest unsecured creditor with a $47 million claim.
Some other creditors:
• Wells Fargo Bank, $29 million
• IndyMac Bank, $26.8 million
• Comerica, $21.5 million
• Chase Bank, $17.5 million
No Bakersfield companies made the list of Reynen & Bardis’ top 20 unsecured creditors.