WL Homes Alters Sale Proposal To Appease Creditors

Law360, New York (May 14, 2009, 12:00 AM EDT) -- WL Homes LLC has pushed back against an effort by its creditors to convert its bankruptcy to Chapter 7 by proposing a new sale agreement with its parent Emaar America Corp., which it says will provide greater returns than liquidation would.

In a brief filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware, WL Homes said it had negotiated more favorable terms with Emaar in response to an objection by the official committee of its unsecured creditors.

The creditors had argued that the...
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