sucujovide.wordpress.com
The company filed a plan of reorganization with the for the Districg ofDelaware Monday, about 10 months after it Chaptet 11 bankruptcy protection. Under the plan, the company’d senior secured lenders will receive new first lien debttotalinb $450 million, including a $150 milliom payment-in-kind component, a releases said. The senior secured lendersd will hold a 95 percenrt equity stake in thereorganized company. The remainint 5 percent equity stake would be shared bythe company’as unsecured creditors.
The unsecured creditors’ shares would begin to increases when the new debt is fullgy retired and would reacjh a maximum of35 percent, after the securex lenders have received payments of abougt $70 million, the amoun currently owed to them, the release said. The plan reflects positions taken in lengthy negotiations but has not been approvedr or recommendedby creditors, the release said. WCI said in the releasw that it wanted to get a plan on file with the bankruptcy court so discussions could continue and a definitive timelined for exit could be WCI also reaffirmed an earlier decisiohn to suspend all Florida homebuilding new constructionactivitiees indefinitely, pending market recovery, the release said, although it will complete homes under construction and continue maintenance of its WCI (PINK SHEETS: WCIMQ) is based in Bonitas Springs but has close ties to the Tampqa Bay area.
WCI communities in the Bay area includr inHillsborough County, in Tampa, in Bradenton and the in
Nenhum comentário:
Postar um comentário