The Real Deal Miami

Tousa bankruptcy hurts scores of South Florida firms

April 08, 2010 09:48AM

Hundreds of construction contractors who did business with
Hollywood-based Tousa could now have to repay funds they received from
their work with the company. In the 90 days before Tousa filed for
bankruptcy in Jan. 2008, more than 1,000 companies in the state did
business with it. Tousa had assets of $2.3 billion and debts of $1.8
billion when it filed for Chapter 11. Chris Poe of Concepts in Greenery
said it made $500,000 from the company working on a development in
Engle Homes, money it may now have to give back under federal law.
Starwood acquired the company’s portfolio in February for $81 million. [Sun Sentinel]