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Big Law

Stearns Lending declares Chapter 11 bankruptcy

The parent of residential mortgage lender Stearns Lending LLC has filed for bankruptcy after agreeing with majority owner Blackstone Group LP to a debt-restructuring plan that will erase more than $180 million in bond debt from its balance sheet.

Stearns Holdings LLC, based in Santa Ana, Calif., filed for chapter 11 protection Tuesday morning in U.S. Bankruptcy Court in New York, listing assets and liabilities each in the range of $1 billion and $10 billion.

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