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The company filed a plan of reorganizatiob with the for the Districyt ofDelaware Monday, about 10 months after it Chapter 11 bankruptcyy protection. Under the plan, the company’s senior secured lenders will receive new firsty lien debttotaling $450 million, including a $150 million payment-in-kinf component, a release said. The senior securedf lenders will hold a 95 percent equity stak e in thereorganized company.
The remainingb 5 percent equity stake would be sharef bythe company’s unsecured The unsecured creditors’ share would begin to increase when the new debt is fullyy retired and would reach a maximum of 35 percent, aftedr the secured lenders have receivedr payments of about $70 million, the amountg currently owed to them, the releasde said. The plan reflects positions takenn in lengthy negotiations but has not been approved or recommendedcby creditors, the release said.
WCI said in the releasre that it wanted to get a plan on file with the bankruptcyt court so discussions could continure and a definitive timeline for exit could be WCI also reaffirmed an earlier decisionj to suspend all Florida homebuilding new constructionactivities indefinitely, pending market recovery, the release although it will complete homed under construction and continue maintenance of its WCI (PINK SHEETS: WCIMQ) is based in Bonita Springs but has closd ties to the Tampa Bay area.
WCI communities in the Bay area includ e inHillsborough County, in Tampa, in Bradenton and the in
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