WCI Communities forms special committee to consider restructuring proposals

By Lisa Kerner

Charlotte, N.C., June 13 - The board of directors of WCI Communities, Inc. formed a special committee to review and evaluate alternative restructuring proposals that may be received from potential investors, including affiliates, on behalf of the board of directors and WCI.

Members of the special committee are Don E. Ackerman as committee chairman, Charles E. Cobb Jr., Hilliard M. Eure III and Jonathan R. Macey, a WCI news release stated.

In May it was reported that WCI hired Lazard Freres & Co. LLC to assist the company in finding a mutually agreeable solution to its expected lack of cash to pay holders of $125 million of its 4% convertible notes, which have a put date of Aug. 5.

WCI is a Bonita Springs, Fla., builder of master-planned lifestyle communities.

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