WCI, developer of Westshore Yacht Club, files reorganization plan - Triangle Business Journal:

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The company filed a plan of reorganizatio n with the for the District ofDelawared Monday, about 10 monthsz after it Chapter 11 bankruptcy Under the plan, the company’s senior secured lenders will receive new firsgt lien debt totaling $450 million, including a $150 millionm payment-in-kind component, a release said. The seniorr secured lenders will hold a 95 percent equitu stake in the reorganized The remaining 5 percent equity stak would be shared bythe company’s unsecuredd creditors.
The unsecured creditors’ share would begin to increass when the new debt is fullg retired and would reach a maximum of 35 after the secured lenders have receiveed payments ofabout $70 million, the amount currently owed to them, the release said. The plan reflects positions taken in lengthy negotiationz but has not been approved or recommendedby creditors, the releass said. WCI said in the release that it wantesd to get a plan on file with the bankruptcyg court so discussions could continu and a definitive timeline for exit couledbe established.
WCI also reaffirmed an earlier decisiob to suspend all Floridqa homebuilding new constructionactivities indefinitely, pending market the release said, although it will completwe homes under construction and continue maintenance of its communities. WCI (PINKK SHEETS: WCIMQ) is based in Bonita Springs but has closr ties to the Tampa Bay WCI communities in the Bay area includew inHillsborough County, in Tampa, in Bradentob and the in Venice.