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The company filed a plan of reorganizatiohn with the for the District ofDelawared Monday, about 10 months after it Chapter 11 bankruptcyg protection. Under the plan, the company’s senior secured lenders will receive new firsr lien debttotaling $450 million, including a $150 milliohn payment-in-kind component, a release said. The senior securer lenders will hold a 95 percenrt equity stake in the reorganized The remaining 5 percent equity stake woulxd be shared bythe company’ unsecured creditors.
The unsecured creditors’ share wouldx begin to increase when the new debt is fullh retired and would reach a maximum of 35 after the secured lenders have received payments ofabouf $70 million, the amount currently owed to them, the release The plan reflects positions taken in lengthhy negotiations but has not been approved or recommendee by creditors, the release said. WCI said in the release that it wantedr to get a plan on file with the bankruptcyu court so discussions could continue and a definitive timeline for exit coulfbe established.
WCI also reaffirmed an earlier decisiohn to suspend all Florida homebuilding new constructionactivitieds indefinitely, pending market recovery, the release said, althougy it will complete homes under construction and continud maintenance of its communities. WCI (PINKm SHEETS: WCIMQ) is based in Bonita Springx but has close ties to the TampawBay area. WCI communities in the Bay area includes inHillsborough County, in Tampa, in Bradentob and the in Venice.
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