Tousa Creditors File Reorganization Plan

Law360, New York (July 20, 2010, 5:22 PM EDT) -- Following unsuccessful negotiations toward a consensual plan with bankrupt homebuilder Tousa Inc., the official committee of unsecured creditors has submitted its own plan of reorganization to the bankruptcy court.

The committee filed its own plan and disclosure statement Friday in the U.S. Bankruptcy Court for the Southern District of Florida, saying the proposed plan will increase the value available for the unsecured creditors.

According to the creditors' disclosure statement, the committee, the debtors and a group of prepetition secured lenders made three attempts at developing a...
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