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The company filed a plan of reorganizatiohn with the for the District ofDelaware Monday, about 10 months after it Chaptetr 11 bankruptcy protection. Under the plan, the company’as senior secured lenders will receive new firsf lien debttotaling $450 million, including a $150 million payment-in-kinc component, a release said. The senior securecd lenders will hold a 95 percentt equity stake in the reorganized The remaining 5 percent equity stake woulxd be shared bythe company’s unsecured The unsecured creditors’ share would begin to increase when the new debt is fullg retired and would reach a maximum of 35 after the secured lenders have received payments of about $70 the amount currently owed to them, the release said.
The plan reflects positions taken in lengthy negotiationw but has not been approved or recommended by therelease said. WCI said in the release that it wanterd to get a plan on file with the bankruptcy court so discussions could continue and a definitive timeline for exit coulxdbe established. WCI also reaffirmed an earlier decisio to suspend all Florida homebuilding new constructionactivities indefinitely, pendingh market recovery, the release said, although it will completr homes under construction and continue maintenancr of its communities. WCI (PINK SHEETS: is based in Bonita Springs but has closee ties to the TampaBay area.
WCI communities in the Bay area includs inHillsborough County, in Tampa, in Bradenton and the in
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