LandSource looks to hire Hogan, Webb as chief restructuring officers

By Caroline Salls

Pittsburgh, July 31 - LandSource Communities Development LLC requested court approval of an agreement under which HoganWebb LLC's Timothy P. Hogan and H. Lawrence Webb will serve as LandSource's chief restructuring officers, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The hiring of Hogan and Webb will be effective retroactive to July 1.

The CROs' services will be broken into two phases.

During the first phase, Hogan and Webb will help the company perform a financial review and develop and implement strategic restructuring alternatives.

Under the second phase, Hogan and Webb will become the sole members of LandSource's executive committee.

A hearing is scheduled for Aug. 19.

LandSource, a Los Angeles-based developer of master-planned communities, filed for bankruptcy on June 9. It Chapter 11 case number is 08-11111.

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