A bankruptcy judge on Wednesday approved a plan of reorganization for luxury home builder WCI Communities (WCIMQ.PK), according to court documents, helping clear the way for the company to emerge from Chapter 11 bankruptcy protection.
Judge Kevin Carey confirmed the second amended plan in which the company, once led by Carl Icahn, will transfer its equity to lenders and issue them new debt.
The case is: in Re: WCI Communities Inc, U.S. Bankruptcy Court, District of Delaware, No. 08-11643. (Reporting by Chelsea Emery. Editing by Robert MacMillan)