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WCI Communities comes out of Chapter 11

WCI Communities comes out of Chapter 11, eliminating over $2 billion in debt and liabilities

  • On 5:55 pm EDT, Thursday September 3, 2009

BONITA SPRINGS, Fla. (AP) -- Homebuilder WCI Communities Inc. said Thursday it has emerged from Chapter 11 bankruptcy protection.

The company said it was now a private company and had eliminated more than $2 billion in debt and liabilities.

WCI filed for Chapter 11 bankruptcy protection last August after failing to get additional financing in the face of massive losses.

The company also announced the five members of its newly constituted board. Directors include Patrick J. Bartels Jr., vice president of private investment firm Monarch Alternative Capital LP. Monarch is WCI's largest shareholder now that is has come out of bankruptcy.

Also on the board is Michelle M. Mackay, executive vice president of iStar Financial Inc., John R. Peshkin, managing principal of private real estate investment group Vanguard Land LLC, Stephen D. Plavin, chief operating officer of commercial mortgage real estate investment trust Capital Trust, and Mark Porath, co-founder and president of development and construction financier Hearthstone.

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