Tousa seeks court approval to sell Florida assets for $61.07 million

By Jennifer Lanning Drey

Portland, Ore., Nov. 30 - Tousa Inc. requested court approval of the bidding procedures related to the proposed $61.07 million sale of substantially all of the company's Florida assets, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

The stalking horse bidder is Starwood Land Ventures, LLC.

The sale assets include all of Tousa's unstarted lots within its Florida region that are not already under contract to other parties.

Competing bids are due by 5 p.m. ET on Jan. 15 and must be for at least $1 million more than Starwood's bid, plus cover the break-up fee and expense reimbursement.

If more than one qualified bid is received, an auction will be held on Jan. 22.

Tousa will pay Starwood a 3% break-up fee and reimburse to $250,000 of its related expenses if it accepts another bid for the assets.

Tousa said it stopped taking sale orders for new homes on unstarted lots throughout Florida under its revised business plan earlier this year and began selling all in-progress construction.

Tousa, a Hollywood, Fla.-based homebuilder, filed for bankruptcy on Jan. 29, 2008 in the U.S. Bankruptcy Court for the Southern District of Florida. Its Chapter 11 case number is 08-10928.

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