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Judge Allows WCI To Use $50M In Cash Collateral

Law360 (August 6, 2008, 12:00 AM EDT) -- Bankrupt home developer WCI Communities Inc. said Wednesday that it has won court approval to tap $50 million in cash collateral, which ensures the continued and uninterrupted operation of the company.

Florida-based WCI, which filed for Chapter 11 protection Monday, said that Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware also approved the company's request to pay all employee wages and benefits, including compensation and commissions earned by brokers.

“Our workforce is our most valuable and irreplaceable asset,” said David...
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