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The Northeast News & Tribune
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Court OKs TOUSA Plan
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Published: February 9, 2008
LIVE OAK PRESERVE - Bankrupt developer TOUSA has won court approval for a restructuring plan that allows the company to keep paying its employees, selling houses and honoring home warranties.
TOUSA, the parent company of Engle Homes, filed for Chapter 11 bankruptcy protection Jan. 29. It reported assets of $2.28 billion and debts of about $1.77 billion. The new agreement allows the company to borrow $135 million from Citigroup Global Markets Inc. to pay normal operating expenses.
The terms of the agreement allow TOUSA and its subsidiaries to continue building homes, pay off liens and sell the houses free and clear. Home warranties also will be honored.
TOUSA subsidiary Engle Homes is the primary developer of Live Oak Preserve, The Hammocks and Tampa Bay Golf & Country Club.
Laura Kinsler
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