The Rhodes Companies Emerge From Bankruptcy

LAS VEGAS, April 5 /PRNewswire/ -- The Rhodes Companies, LLC and 31 affiliated entities today announced they have emerged from bankruptcy proceedings.  The companies first filed for chapter 11 bankruptcy on March 31st and April 1st 2009.  The former first lien lenders of the company will now hold 100% of the equity in the new company and will continue homebuilding operations and full community operations in the Rhodes Ranch and Tuscany master-planned golf-course communities with new executive management.   In addition to its homebuilding operations, the new company will now own several land parcels, including approximately 50 acres near the 215 beltway and Durango in southwest Las Vegas.

The Debtors were represented by Pachulski, Stang, Ziehl and Jones, along with Larson and Stephens.  A steering committee of the former first lien lenders was represented by Akin Gump Strauss Hauer and Feld, along with Kolesar and Leatham.  Carwin Advisors, a national real estate advisory firm based in Dallas, served as financial advisor to the first lien steering committee.    

SOURCE Carwin Advisors