WCI Ch. 11 Plan Draws Fire From US, Insurers

Law360, New York (August 20, 2009, 5:46 PM EDT) -- More than a dozen parties have objected to WCI Communities Inc.'s Chapter 11 plan, including insurers that issued surety bonds in support of certain of the debtor's development obligations, and the U.S. government, which is seeking to ensure that the homebuilder doesn't evade its environmental duties.

Thirteen objections and limited objections were filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware to WCI's second amended joint reorganization plan. A plan confirmation hearing is scheduled for Aug. 26.

The federal government, on behalf of...
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