A major Smith Mountain Lake developer filed for bankruptcy last week in an attempt to reorganize debt.

In his Chapter 11 filing, LakeWatch LLC owner Edward "Trey" Park claimed to have more than 100 creditors, more than $50 million in liabilities and more than $10 million in assets.

Chapter 11 allows a business or individual to develop a plan to reorganize and pay its creditors over time.

Park could not be reached for comment Monday. However, his lawyer, Carter Magee, said that Park will continue to operate his business and sell properties.

Park's properties include LakeWatch Plantation and LakeWatch Spa and Resort, both on Virginia 122 in Moneta.

The list of top 20 creditors and claims includes $13 million for a loan on property as well as numerous commercial loans and credit lines from StellarOne Bank ranging from $6 million to $807,000. Other creditors include Bank of Botetourt, Wachovia Bank, Franklin Community Bank and BB&T.

The LakeWatch Spa and Resort project was stalled until early last month when Park settled a lawsuit filed against him and the Franklin County Board of Supervisors by a group of residents who claimed the project would lower their property values. They also argued that the project was in violation of the county's 2025 Comprehensive Plan.

Park agreed to scale back the project from 605 acres to 576 acres and instead of a 150-unit, six-story condominium hotel, he will build a four-story building with 50 units.

The Smith Mountain Lake YMCA and some homes have already been built and occupied in LakeWatch Plantation.

Park isn't the only lake area developer to file for bankruptcy this year. Smith Mountain Lake Partners, developers of Sunset Cay in Moneta in Bedford County, filed for Chapter 11 protection in February.

The filing did not affect The Shoppes at Sunset Cay, a marina or a hotel, but did affect other commercial and residential areas.