W.V.S.V. Holdings LLC, which owns more than 10,000 acres in Arizona it valued at more than $120 million, sought bankruptcy protection in federal court, according to a court filing.

W.V.S.V. listed assets of $120 million against debt of $57.4 million in Chapter 11 documents filed today in U.S. Bankruptcy Court in Phoenix.

Assets of the Tempe, Arizona-based company consist of three tracts of vacant land in Buckeye, Arizona, planned for “future development,” court papers show.

The case is In re W.V.S.V. Holdings LLC, 12-10598, U.S. Bankruptcy Court, District of Arizona (Phoenix).

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