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Under the plan, senio r secured lenders will receive new first lien debt in the amoungof $450 million, which includes a $150 milliojn payment-in-kind component and an initial 95 percent equitu stake in the reorganized WCI said in a news The remaining 5 percent would be sharefd by the company’s unsecured which would begin to increase when the new debt is fully retired. Interim CEO Davif L. Fry said WCI’s goal is to emerger from Chapter 11 by thethird “Under the plan, WCI will emergse as a deleveraged lifestyle community develope r and land holding company with the flexibility to navigate its business during these unprecedented timesx and beyond,” he said.
Fry said the Sarasota-basedr company will continue to complete homes alreadyunder construction, but has suspendexd all new home constructiob activity in Florida.
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