Thursday, October 16, 2008

Sacramento California Homebuilder and Developer Files Personal Chapter 11

Central Valley developer Christo Bardis has filed for Chapter 11 personal bankruptcy listing liabilities between $100 million to $500 million, and assets of $10 million to $50 million, according to filing this week with the U.S. Bankruptcy Court in Sacramento.

Mr. Bardis is co-founder of Reynen and Bardis Communities, a Sacramento-based developer with new-home communities in Elk Grove, Sacramento and West Sacramento in the Central Valley as well as in northern Nevada.

His partner, John Reynen, filed for personal bankruptcy earlier this year.
Both had given personal guarantees on loans used to buy land for the company.

Mr. Bardis told the Sacramento Bee newspaper that the filing of personal bankruptcy would help keep his company in business. The company has not filed for bankruptcy.

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