LandSource Strikes New Deal For $1.2B Financing

Law360, New York (July 18, 2008, 12:00 AM EDT) -- After eleventh-hour negotiations prompted by a judge's rejection of an earlier bid, LandSource Communities Development LLC reached an agreement Friday with its creditors on a debtor-in-possession financing deal worth over $1 billion.

The debtor filed a certification of counsel in the U.S. Bankruptcy Court for the District of Delaware requesting court approval of a new facility that will allow it to borrow as much as $1.185 billion from a group of lenders headed by Barclays Bank Plc and Marathon Special Opportunity Fund LP.

At a hearing...
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