The Real Deal Miami

Bankruptcy plan approved for WCI

August 06, 2008 11:56AM

Chief Judge Kevin J. Carey of the U.S. Bankruptcy Court in Delaware signed off on a relief plan for bankrupt WCI Communities, a Sarasota-based homebuilder. WCI can deliver clear title to homes and tower residences at closing and authorizes title insurance issuance. He also ruled that deposits and other funds received by WCI and held in trust are not subject to the bankruptcy and are to be applied only according to the parties’ agreements and applicable law. White and Case is the legal adviser to WCI in bankruptcy proceedings.