The Real Deal Miami

Chapter 11 for builder WCI

August 04, 2008 11:17AM

Bonita Springs-based builder WCI Communities and its subsidiaries filed for Chapter 11 bankruptcy reorganization, according to court documents. The collapse of the housing market mired the builder of planned communities in debt and gutted its stock, which has lost nearly 90 percent of its value in the last year, leaving shares trading at 66 cents on Monday morning. CEO Jerry Starkey has resigned and will be replaced by David L. Fry on an interim basis.