SunCor Development files for bankruptcy

Pinnacle West Capital Corp. subsidiary and once-prominent local developer SunCor Development Co. has filed petitions in U.S. Bankruptcy Court as a final step toward dissolving the company and its remaining subsidiaries. Tempe-based SunCor Development's board of directors signed a resolution Friday authorizing the voluntary bankruptcy filing, which includes 17 SunCor subsidiaries. Those subsidiaries include SunCor Construction Inc., SunCor Golf Inc. and Suncor Homes Inc., along with SunCor subsidiaries in Idaho, New Mexico and Utah, and several limited-liability companies formed around specific SunCor real-estate projects. Most of the entities listed in the bankruptcy petition are essentially shell companies with few assets or liabilities, court documents show. Incorporated in 1986, SunCor grew to become one of the Southwest's most prominent developers in the 1990s and early 2000s, developing residential communities, golf courses and commercial-real-estate projects. At the peak of its success in 2005, SunCor had nearly 800 employees, according to Pinnacle West.

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