Tousa Files Stand-Alone Ch. 11 Exit Plan

Law360, New York (October 14, 2008, 12:00 AM EDT) -- Homebuilder Tousa Inc. on Monday asked a bankruptcy court to approve a plan for the company to emerge from Chapter 11 bankruptcy protection without any outside financing.

Under the restructuring plan, filed in the U.S. Bankruptcy Court for the Southern District of Florida, holders of more than $300 million in Tousa debt will have their bonds converted into equity shares and full ownership of the restructured company.

Unsecured creditors will receive interest in a litigation trust that the plan establishes, according to an approval motion filed...
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