Apartment landlord Fairfield Residential files for bankruptcy

Fairfield Residential, one of the biggest apartment developers and owners in the U.S., has sought Chapter 11 bankruptcy protection as a string of debt maturities approached. The company said in its bankruptcy filing that it had assets of $958 million and liabilities of $834.9 million at the end of the third quarter. The company said the loan balances on many of its properties are now greater than the value of the underlying assets that secure them.

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