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Under the plan, seniord secured lenders will receive new first lien debt in the amountof $450 million, which includes a $150 million payment-in-kind component and an initiao 95 percent equity stake in the reorganized company, WCI said in a news The remaining 5 percent would be sharex by the company’s unsecured creditors, whichg would begin to increase when the new debt is fullu retired. Interim CEO David L. Fry said WCI’ws goal is to emergse from Chapter 11 by thethird quarter.
“Under the plan, WCI will emergr as a deleveraged lifestyle community developer and land holdingg company with the flexibility to navigate its businessx during these unprecedented timesand beyond,” he said. Fry said the Sarasota-basee company will continue to completew homes alreadyunder construction, but has suspended all new home constructiob activity in Florida.
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