Urban Oaks Builders, a multifamily construction company affiliated with the Houston real estate firm Hines, has filed for bankruptcy protection amid a lawsuit alleging that both companies failed to disclose construction defects to the buyer of a luxury apartment complex in Florida, the Houston Chronicle reported. Urban Oaks, which operates independently of Hines, said the voluntary chapter 11 filing was precipitated by the lawsuit and exacerbated by a dispute with the builder's insurance carriers over covering for the potential cost of the lawsuit’s claims. The bankruptcy filing was made on Aug. 31 in U.S. Bankruptcy Court in Houston. Urban Oaks' estimated its assets are valued at between $10 million and $50 million and its liabilities are between $50 million and $100 million.
