Woodside Files Ch. 11 Plan, Disclosure Statement

Law360, New York (January 15, 2009, 12:00 AM EST) -- Home builder Woodside Group LLC has filed its Chapter 11 reorganization plan and disclosure statement, seeking creditors' approval to distribute its assets and reorganize by issuing restructured debt and equity.

In a filing Wednesday in the U.S. Bankruptcy Court for the Central District of California, the 189 debtors proposed a plan for reorganization that sets up procedures for the distribution of the debtors' assets, including the establishment of a litigation trust, and the issuance of debt and equity in the reorganized debtors.

According to the plan,...
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