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Kansas City developer files for Chapter 11

Published by Jamie on Sunday, March 07 2010 at 10:27 PM

Kinsley Forest Estates LLC, a developer in mid-project of a 110-acre commercial and residential real estate project near Kansas City, Kans, has filed for bankruptcy reorganization to help with loan payments for the project, totaling $7.6 million.

Though many real estate bankruptcy cases end up in foreclosure, Kinsley will fortunately not be falling to this fate, according to Kansas City Business Journal. In this particular case, the intent is to restructure debt and partnerships to keep the project going.

“Developers across the country are facing the same thing,” said Douglas Gilliland, president of Fort Worth-based Taurus Texas Holdings Inc. “We’re all trying to make our projects work, and sometimes this is the best way to do it.”

Though there is a chance the loan restructuring might not be pulled off due to federal pressures, the hope for project completion will be later this year.

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