WCI Communities granted exclusivity extension to finish business plan

By Jennifer Lanning Drey

Portland, Ore., Dec. 2 - WCI Communities, Inc. obtained a four-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The exclusive plan-filing period was extended to April 1 from Dec. 2 and the solicitation period to June 1, 2009 from Feb. 2.

In its motion requesting the extension, WCI said it is well into the process of developing a business plan that will reflect the realities of present and future market conditions.

However, until the business plan is completed, "efforts to propose and file a Chapter 11 plan in this current tumultuous and unstable market would be premature," the company said.

WCI, a Bonita Springs, Fla.-based homebuilding and real estate services company, filed for bankruptcy on Aug. 4. Its Chapter 11 case number is 08-11643.

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