WCI Communities sets process for $14.6 million Regent Bal Harbour sale

By Jennifer Lanning Drey

Portland, Ore., May 14 - WCI Communities, Inc. requested court approval of the bidding procedures related to the proposed $14.6 million sale of a portion of its Regent Bal Harbour building in Miami-Dade County, Fla., according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The stalking horse bidder is Elevation Communities, LLC.

Under the proposed procedures, competing bids are due by 4 p.m. ET on the second business day prior to the auction, which WCI has asked the court to schedule for June 17.

Competing bids must be for at least 103% of Elevation Communities' bid.

WCI will pay Elevation Communities a 1% break-up fee if it is not the high bidder.

The assets to be sold include 51 hotel condominium units plus the hotel, restaurant and spa lot divisions of the building.

WCI has asked the court to schedule the sale hearing for June 18.

WCI, a Bonita Springs, Fla.-based home building and real estate services company, filed for bankruptcy on Aug. 4, 2008 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 08-11643.

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