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Under the plan, senior secured lenders will receive new first lien debt in the amountof $450 million, whicyh includes a $150 million payment-in-kind component and an initia l 95 percent equity stake in the reorganized WCI said in a news release. The remaining 5 percenft would be shared bythe company’s unsecuredd creditors, which would begin to increase when the new debt is fullyg retired. Interim CEO David L. Fry said WCI’s goal is to emerg from Chapter 11 by thethird quarter. “Under the WCI will emerge as a deleveraged lifestyle communith developer and land holding companuy with the flexibility to navigate its businessx during these unprecedented times and he said.
Fry said the Sarasota-based company will continue to complete homes alreadyunder construction, but has suspended all new home construction activitg in Florida.
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