Tousa Noteholders Balk At Restructuring Proposal

Law360, New York (January 31, 2008, 12:00 AM EST) -- Only days after homebuilder Tousa Inc. ducked into Chapter 11, a group of noteholders is urging the judge to allow them to scrap the July 2007 refinancing that they say helped land the mortgage lender in bankruptcy in the first place.

A group led by Aurelius Capital Master Ltd. filed papers Wednesday in the U.S. Bankruptcy Court for the Southern District of Florida, objecting to the proposed debtor-in-possession financing on the grounds that it “represents the continuation of the debtors’ damaging pattern of sacrificing its unsecured...
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