Large California Builder Begins Restructuring

Irvine, CA, Feb. 6, 2009--John Laing Homes, a home builder in California with roots that date back to England of the mid-19th century, said Thursday it is attempting to cope with a cash squeeze and has launched a restructuring that includes job cuts.

The developer has halted construction at several Northern California projects, including a number in the Bay Area, contractors said.

"John Laing Homes, one of the largest privately held home builders in the United States, is currently reviewing all potential options to meet its capital requirements," the Irvine-based company said in an e-mail release.

"A reduction in (work) force has occurred at the company," John Laing said in its statement. The company said it is now "restructuring its operations to focus on select locations."