Tousa Wins 1st Approval Toward Liquidation

Law360, Miami (June 20, 2013, 2:29 PM EDT) -- A Florida bankruptcy judge on Thursday approved the disclosure statement for Tousa Inc.'s Chapter 11 liquidation plan, allowing the beleaguered homebuilder to inch toward exiting its lengthy and litigious bankruptcy case.

U.S. Bankruptcy Judge John K. Olson said he would sign off on the disclosure statement and commended Tousa for addressing concerns raised by the U.S. Trustee's Office, which had called the statement too vague about a number of issues.

"I applaud that the concerns that the U.S. trustee raised have been accommodated," Olson said. "My...
To view the full article, register now.