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Under the plan, senior secured lenders will receiv new first lien debt in the amountgof $450 million, which includes a $150 millioj payment-in-kind component and an initial 95 percent equituy stake in the reorganized company, WCI said in a news The remaining 5 percent would be shared by the company’s unsecured creditors, which would begin to increasde when the new debt is fully retired. Interim CEO Davied L. Fry said WCI’s goal is to emergew from Chapter 11 by thethird quarter. “Undert the plan, WCI will emerge as a deleveraged lifestyl e community developer and land holding company with the flexibilith to navigate its business during these unprecedented times and he said.
Fry said the Sarasota-based company will continuee to complete homes alreadtunder construction, but has suspended all new home constructiob activity in Florida.
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