MacGregor Development seeks bankruptcy protection

Posted: Nov. 17, 2008

Cary, N.C. — MacGregor Development Co., which designed and built the MacGregor Downs and Lochmere subdivisions in Cary, filed for Chapter 11 bankruptcy on Friday.

The developer listed $23.8 million in assets and $41.4 million in liabilities in its filing. The company generated $3 million in revenue through September, down from the $19.9 million it grossed last year, according to the filing.

Copyright 2008 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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