Tuesday, February 05, 2008

Now the stronger hands are folding

From Forbes.com:

Allied Van Lines Files for Bankruptcy

Moving company Allied Van Lines Inc., along with its corporate parent Sirva Inc., filed for bankruptcy protection Tuesday, the latest victim of a heavy debt load and the downturn in the U.S. housing industry.

In addition to its heavy debt load, the company's relocation services business has been slammed by the downturn in the U.S. housing market.

"Specifically, declining home prices have increased the number of homes the debtors have been required to purchase and subsequently sell for a loss," Sirva said in court papers

LV Review Journal:

Developer stops making interest payments on $500 million in land-backed loans

Focus Property Group, one of the largest developers in Southern Nevada, has stopped making interest payments on $500 million in loans secured by 4,800 acres in the Las Vegas Valley, Pahrump and Victorville, Calif., company executives said Monday.

The company said 2,100 acres of the land involved is in metropolitan Las Vegas, 1,700 acres in Pahrump and 1,000 in Victorville. The company started notifying lenders late last week that it would not make its February interest payments.


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