Levitt Files Liquidation Plan, Settles With Parent

Law360, New York (July 1, 2008, 12:00 AM EDT) -- Storied homebuilder Levitt & Sons LLC and its unsecured creditors have filed a liquidation plan detailing a comprehensive settlement with Levitt's parent company that will net the debtors $12.5 million.

Levitt and its several debtor-affiliates joined the joint committee of unsecured creditors on Friday in filing a disclosure statement and joint plan of liquidation in the U.S. Bankruptcy Court for the Southern District of Florida.

In addition to outlining the liquidation plan, which would provide some recovery for unsecured creditors, the disclosure statement described the settlement...
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