Master-plan developers file financial statement in bankruptcy court

The development group behind the 2,675-acre Park Highlands master plan filed its financial statement Wednesday in Nevada bankruptcy court showing $227 million in liabilities and $1.35 million in assets. The value of the group’s land holdings was not listed.

Nearly $225.4 million of liabilities are from lenders holding secured claims against the land.

A meeting of the creditors is scheduled for June 11.

November 2005 Land Investors, a limited liability company led by developer Olympia Group, filed for Chapter 11 bankruptcy on May 11.

Affiliates of homebuilders American West, Astoria Homes and Standard Pacific are partners in the project.

Olympia acquired the land in late 2005 after bidding $639 million at a Bureau of Land Management auction. Park Highlands broke ground in January 2007 and is designed to have 16,000 residential units home to 50,000 people in 10 years.

The developer hopes to emerge from bankruptcy by October.