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WCI Communities Submits Ch. 11 Rebuilding Plan

Law360 (June 9, 2009, 12:00 AM EDT) -- Bankrupt homebuilder WCI Communities Inc. submitted its plan to emerge from court protection, including distributions to five classes of claimants and the creation of a new board of directors.

The homebuilder also filed its disclosure statement Monday in the U.S. Bankruptcy Court for the District of Delaware.

Under the reorganization plan, holders of priority claims with WCI Communities will be paid in full upon the distribution date, which is proposed to be 10 days following the effective date of the plan.

Prepetition lenders will receive a...
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