WL Homes LLC, which does business as John Laing Homes, has become the latest tech-savvy builder to file for Chapter 11 bankruptcy.
According to Bloomberg News, the 161-year-old builder has between $500 million and $1 billion in debt as stated in court documents. It has assets of $1 billion.
The company had 2007 revenue of $948 million on the sale of 1,371 homes, according to the report. It sold 560 homes for $287 million in 2008.
Laing is known for its "Laing Luxury" offering, which included home controls, home theater and other technological amenities. The company was also known for hosting "Tech Nights" in its design studios.
Laing is in the midst of two large developments in Southern California: a 575-home project in Tustin, and a 1,000-home community in San Clemente.
WL has purchased back in 2006 by Emaar Properties from Dubai. It joins WCI, Kimball Hill Homes, Fulton Homes, Jim Walter Homes and Village Homes as other large tech-savvy builders that have recently gone belly up.