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The company filed a plan of reorganization with the for the Districrt ofDelaware Monday, about 10 months after it Chaptetr 11 bankruptcy protection. Under the plan, the company’s senioer secured lenders will receive new firsft lien debttotaling $450 million, includinh a $150 million payment-in-kind component, a release The senior secured lenders will hold a 95 perceny equity stake in the reorganized company.
The remaininyg 5 percent equity stake woulxd be shared bythe company’s unsecured The unsecured creditors’ share would begin to increasew when the new debt is fully retired and would reach a maximum of 35 after the secured lenderx have received payments of aboutr $70 million, the amount currently owed to the release said. The plan reflectd positions taken in lengthy negotiationw but has not been approved or recommendedby creditors, the releasde said. WCI said in the release that it wantex to get a plan on file with the bankruptcy courtf so discussions could continue and a definitive timeline for exit couldfbe established.
WCI also reaffirmed an earlierr decision to suspend all Florida homebuildinvg new constructionactivities indefinitely, pending market recovery, the release although it will complete homes under construction and continue maintenanc of its communities. WCI (PINK SHEETS: is based in Bonita Springs but has close ties to the TampaaBay area. WCI communities in the Bay area includre inHillsborough County, in Tampa, in Bradentonm and the in Venice.
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