WCI, developer of Westshore Yacht Club, files reorganization plan – Business First of Louisville:

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The company filed a plan of reorganizatioh with the for the District ofDelaware Monday, about 10 months after it Chapter 11 bankruptcy Under the plan, the company’sd senior secured lenders will receive new firsr lien debt totaling $450 including a $150 million payment-in-kind a release said. The senior secured lenders will hold a 95 percenrt equity stake in the reorganized The remaining 5 percent equitu stake would be shared bythe company’as unsecured creditors.
The unsecuredx creditors’ share would begin to increase when the new debt is fullhy retired and would reach a maximum of 35 after the secured lenders have received payments ofabout $70 the amount currently owed to them, the releas said. The plan reflects positions takehn in lengthy negotiations but has not been approved or recommendefdby creditors, the release said. WCI said in the releasde that it wanted to get a plan on file with the bankruptcy court so discussions coulx continue and a definitive timeline for exit coulxdbe established.
WCI also reaffirmed an earlier decision to suspend all Floridaa homebuilding new construction activities pendingmarket recovery, the release said, althoughj it will complete homes under constructio and continue maintenance of its WCI (PINK SHEETS: WCIMQ) is based in Bonit Springs but has close ties to the Tampaq Bay area. WCI communities in the Bay area includw inHillsborough County, in Tampa, in Bradentomn and the in Venice.