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Tousa Exploring Alternative Reorganization Plan

Law360 (November 13, 2008, 12:00 AM EST) -- Bankrupt homebuilder Tousa Inc. is pushing back a hearing on its disclosure statement so that it can negotiate an alternative plan involving third-party investment in hopes of winning the agreement of skeptical creditors.

Tousa said in an omnibus response to objections, filed Wednesday in the U.S. Bankruptcy Court for the Southern District of Florida, that in light of strenuous opposition from lenders and unsecured creditors, that it believes a new plan, involving third-party investment, might be more attractive to creditors.

A hearing on the company's latest...
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