Developer Files for Bankruptcy Protection

LAS VEGAS (AP) - A Las Vegas-area developer is seeking bankruptcy protection for its key businesses, citing dropping land values and reduced home sales.

Rhodes Design and Development Corp. lists assets of $100 million to $500 million and the same amount in liabilities in a Chapter 11 filing submitted late Tuesday in U.S. Bankruptcy Court in Las Vegas.

In a statement issued Wednesday, company chief Jim Rhodes says the economic downtown and an inability to find what he calls "cost-effective" financing made the company miss a crucial March 31 interest payment.

Rhodes Design and Development started in 1988 and has built more than 7,000 homes in developments including Rhodes Ranch in southwest Las Vegas, Tuscany Village in Henderson and the Red Rock County Club.

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