OTHER NEWS - March 11, 1992
From Times Staff and Wire Reports
Builder Seeks Bankruptcy Shield: One of Southern California’s largest home builders, blaming the recession and the bank lending crunch, has filed for Chapter 11 bankruptcy court protection. Griffin Homes of Calabasas, which has 11 housing projects throughout Southern California, saw its sales plunge from $201 million in 1990 to $94.5 million last year. In its bankruptcy petition, filed in Los Angeles, Griffin said it and three partnerships in which it is general partner have a total of $107.1 million in assets and $131.8 million in debts. Despite the filing, the company said it intends to complete building on the 1,300 lots it now holds in inventory.
