WL Homes Bondholders Object To Asset Sale

Law360, New York (July 16, 2009, 6:24 PM EDT) -- Two insurers have objected to a sale agreement proposed by the trustee in WL Homes LLC’s Chapter 7 proceedings, arguing that plan does not give enough information about how bonds will be treated in a sale to parent company Emaar America Corp.

Bond Safeguard Insurance Co. and Lexon Insurance Co. filed an objection Wednesday in the U.S. Bankruptcy Court for the District of Delaware, asking the court to deny the asset purchase agreement.

The insurers are listed as sureties on a number of performance, labor and...
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