According to a statement by LandSource, it had attempted toreach agreement with its lenders to restructure more than $1.2billion in debt to avoid filing for bankruptcy. The company saidthat it expects "not only to survive the current real estatedownturn and credit crunch, but to flourish once the marketstabilizes."
CalPERS invested about $900 million in LandSource throughMacFarlane Partners, who along with Weyerhaeuser took a 68%interest in LandSource. Other partners of LandSource are Lennar andLNR, each with a 16% stake.
The CalPERS investment in LandSource represents less than a halfof 1% of its overall investment portfolio, the pension fund pointsout. The CalPERS fund, which includes stocks, bonds, real estate,private equity and other assets, is valued at approximately $245.4billion.
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