What's up with John Laing?

The Irvine-based homebuilder confirms a workforce reduction but offers no details and adds that the company "is currently reviewing all potential options to meet its capital requirements." Good luck trying to get more info, let alone figuring out what all this means for the a bunch of local projects, among them the Madrone in Hollywood (the 180-unit development appears to be on hold), the Element and Indigo in Marina Del Rey, and the Icon in Playa Vista. (Curbed L.A. has a rundown, as does Jon Lansner at the OC Register.)

The Dubai-based developer Emaar paid $1 billion for Laing in 2006, just as the U.S. home market was peaking. Late last year, the developer had to write off $204.3 million in goodwill from the John Laing purchase. This week, Emaar disclosed in a filing that it plans to raise up to $4 billion through bonds, though Dow Jones quotes bankers as saying that in the current climate only $2 billion is likely to be raised.

Emaar, which sits at the heart of the Gulf region's building boom, has been hit by impact of the global financial crisis both at home and overseas. Dubai's once-booming property market has slowed in recent months and home financing has evaporated, impacting Emaar's sales and property prices. "We will go to the market when we need the funds and the market is available, but we don't need the funds in the short term," Emaar's Jain said, without giving further details of when the company may need the financing.