Bolsa Chica Boneyard Builder Brightwater Bankrupt

By Spencer Kornhaber in Shmortgage Board

Thu., Oct. 29 2009 @ 2:44PM

We missed this yesterday, but still think you should know: The company that owns Brightwater -- the company that wanted to build 300-something homes on Huntington Beach wetland -- announced it was filing for Chapter 11 bankruptcy Wednesday.

Both naturalists and Native Americans strenuously fought approval for Brightwater's planned Bolsa Chica development. The plan was ultimately given the okay -- just as the housing market crashed.

Now, California Coastal Communities Inc. faces a $182 million debt. They're looking to restructure in court.

Read two choice bits of the Weekly's coverage of the Bolsa Chica resistance here and here, or go through the archives here.