WCI, developer of Westshore Yacht Club, files reorganization plan - Minneapolis / St. Paul Business Journal:

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The company filed a plan of reorganizatio n with the for the District of Delaware about 10 months after it Chapter 11bankruptcuy protection. Under the plan, the company’s senio r secured lenders will receive new first lien debttotalingy $450 million, including a $150 million payment-in-kinds component, a release The senior secured lenders will hold a 95 percent equity stakr in the reorganized company.
The remaining 5 percent equit y stake would be shared bythe company’s unsecured The unsecured creditors’ share would begin to increase when the new debt is fullyu retired and would reach a maximum of 35 percent, aftet the secured lenders have received paymentd of about $70 million, the amoungt currently owed to them, the release The plan reflects positions taken in lengthy negotiations but has not been approvedc or recommended by creditors, the releasde said.
WCI said in the release that it wanted to get a plan on file with the bankruptct court so discussions could continure and a definitive timeline for exit could be WCI also reaffirmed an earliet decision to suspend all Florids homebuilding new constructionactivities indefinitely, pending marketr recovery, the release although it will complete homes under construction and continues maintenance of its WCI (PINK SHEETS: WCIMQ) is based in Bonita Springsw but has close ties to the Tampa Bay area. WCI communitiexs in the Bay area include inHillsborough County, in Tampa, in Bradentoj and the in Venice.