WCI Communities Faces Flak Over Latest Ch. 11 Plan

Law360, New York (July 13, 2009, 12:00 AM EDT) -- Bankrupt homebuilder WCI Communities Inc.'s latest disclosure statement has run into opposition from creditors and insurers, among others, that claim the debtor fails to adequately illuminate the path to profit envisioned in the reorganization plan.

Objections to WCI’s amended Chapter 11 plan trickled into the U.S. Bankruptcy Court for the District of Delaware on Friday, taking issue with the disclosure statement’s lack of detail about the transfer of the debtor’s assets and the feasible prospects for recovery following the sale of those assets after restructuring....
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