Homebuilder Tousa Eyes Liquidation Amid Sluggish Market

Law360, New York (May 16, 2013, 9:08 PM EDT) -- Bankrupt Florida homebuilder Tousa Inc. on Thursday asked a Florida bankruptcy court to approve the disclosure statement for its liquidation plan, saying it has abandoned any hope of reorganization after enduring ongoing litigation and a difficult housing market.

The company filed a joint motion with the creditors committee in the case for the disclosure statement's approval, which would allow Tousa to start soliciting creditors' votes.

The homebuilder said that its Chapter 11 proceedings have been going forward as the housing industry, as well as the wider...
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