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Atlantic Gulf Communities Files for Chapter 11

MIAMI-The locally based homebuilder hires a restructuring specialist as development continues on a 6,815-acre master-planned residential project in Colorado and an 867-acre project in Southwest Florida.

By David R. Corder | Updated on May 03, 2001

MIAMI-The company that emerged out of the bankrupt General Development Corp. in the early 1990s is now seeking protection itself from creditors under Chapter 11 of the U.S. Bankruptcy Code.

Atlantic Gulf Communities Corp. filed a petition Tuesday in Delaware’s U.S. Bankruptcy Court seeking permission to reorganize under the supervision of a Connecticut-based restructuring specialist.

The filing didn’t include the firm’s assets, liabilities and total number of creditors. Atlantic Gulf has 15 days to supply that information to the court.

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