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November 26, 2009

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Big residential development in bankruptcy

Thursday, Dec. 16, 1999 | 11:03 a.m.

Iron Mountain Ranch, a residential development in northwest Las Vegas, filed for bankruptcy Wednesday.

The company did not provide specific asset and debt estimates in its filing, listing only $10 million to $50 million in assets and debts. However, Iron Mountain said it did not believe funds would be available to pay the company's unsecured creditors.

Iron Mountain has less than 50 creditors, according to the filing. The filing indicates the largest unsecured creditor was VTN Nevada of Las Vegas, which is owed more than $400,000. In all, the company owes more than $600,000 to its 20 largest unsecured creditors.

The company has yet to file a listing of its secured creditors. One of the companies financing the project was Interstate Mortgage Group of Las Vegas, which was seized by the state earlier this year.

The filing was Chapter 11, which allows a company to hold creditors at bay while it reorganizes its business operations.

The first meeting of creditors is scheduled for Jan. 19 at 4 p.m. at the Bible Building in downtown Las Vegas.

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