Tarragon Corp, a residential real estate developer, has filed for Chapter 11 bankruptcy due to dropping real estate values and slower sales in its homebuilding division, the company said on Monday.
An affiliate of Israel's ARKO Holdings has committed to a $6.25 million debtor-in-possession financing facility, Tarragon said in a press release.
The company said it has adequate current liquidity and it plans to continue operations as usual while it reorganizes.
