Lyon Homes' Prepackaged Ch. 11 Aims To Cut Debt By 37%

Law360, New York (December 19, 2011, 2:20 PM EST) -- Still stinging from the collapse of housing markets in California, Nevada and Arizona, homebuilder William Lyon Homes on Monday filed for a prepackaged Chapter 11 that will see the company slash its debt burden by about 37 percent.

According to the company, holders of approximately 93 percent of Lyon Home's outstanding debt, representing around 97 percent of the total dollar amount of the debt, approved of the prepackaged restructuring plan filed in Delaware bankruptcy court.

“Today’s action enables us to efficiently restructure our debt and create...
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