Barclays Pushes $140M Deal In LandSource Ch. 11

Law360, New York (May 12, 2009, 12:00 AM EDT) -- Barclays Bank PLC, the debtor-in-possession financier for LandSource Communities Development LLC, wants court approval for a $140 million backstop rights purchase agreement in connection with a proposed rights offering for a stake in the beleaguered homebuilder.

Barclays, which filed a second amended alternative Chapter 11 reorganization plan for LandSource on May 6, asked the U.S. Bankruptcy Court for the District of Delaware on Monday for approval of the agreement with a group of private equity firms to backstop the rights offering.

According to the bank, the...
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