A Benton commercial developer and homebuilder filed for Chapter 11 reorganization on Halloween, listing its estimated debts at between $1 million and $10 million.
Landers Development LLC also estimated the same range for its assets. As of Tuesday evening, the company had not filed its detailed list of assets and liabilities.
Nick Landers, the owner of the company, didn’t immediately return a message.
Landers Development said it continues to operate its business and manage its property, according to its filing in U.S. Bankruptcy Court for the Eastern District of Arkansas.
The company said on its website that it does residential, commercial and neighborhood development.
Landers Development said in the bankruptcy filing that it is a small business and is choosing to proceed under Subchapter V of Chapter 11. Subchapter V has shorter deadlines for filing reorganization plans, allows for greater flexibility in negotiating restructuring plans with creditors, and does not require the payment of U.S. Trustee quarterly fees, according to the U.S. Department of Justice.
Landers Development is represented by attorney Jennifer M. Lancaster of Benton. She didn’t immediately return a message from Whispers.
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