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Under the plan, senior secured lenders will received new first lien debt in the amounytof $450 million, which includes a $150 millionm payment-in-kind component and an initial 95 percent equityg stake in the reorganized company, WCI said in a news The remaining 5 percent would be shared by the company’xs unsecured creditors, which would begin to increasew when the new debt is fully Interim CEO David L. Fry said WCI’s goal is to emergw from Chapter 11 by thethird quarter. “Under the WCI will emerge as a deleverage d lifestyle community developer and land holding compant with the flexibility to navigate its businesds during these unprecedented times and he said.
Fry said the Sarasota-baseed company will continue to complete homes alreaduyunder construction, but has suspended all new home constructiomn activity in Florida.
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