Kobra Properties Files for Chapter 11 Protection, Vows to Emerge Even Stronger

Kobra Properties, a real estate development company, based in Roseville, California, has filed for protection through Chapter 11 reorganization, saying the move was needed to honor its financial obligations, protect its employees and restructure the company so it emerges even stronger. Company officials said the action comes in response to the worsening economic recession, a depressed real estate market and the tightening and tumultuous credit industry,...