WCI Communities requests three-month exclusivity extension

By Caroline Salls

Pittsburgh, April 2 - WCI Communities, Inc. is seeking an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive plan-filing period to June 30 from April 1 and the solicitation period to Aug. 31 from June 1.

According to the motion, the company has been working with the steering committee for its pre-bankruptcy senior secured lenders and the official committee of unsecured creditors to formulate a plan since it presented its business plan to those committees in late December.

However, WCI said the process is still ongoing, and the extra time will "maximize the likelihood of a largely consensual plan."

A hearing is scheduled for April 30.

WCI, a Bonita Springs, Fla.-based home building and real estate services company, filed for bankruptcy on Aug. 4, 2008. Its Chapter 11 case number is 08-11643.

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