Levitt and Sons gets court approval for DIP financing to complete home construction

By Rebecca Melvin

New York, Jan. 11 - Levitt and Sons LLC received final court approval to borrow up to $460,000 in debtor-in-possession financing from AmTrust Bank, according to a filing Friday of the U.S. Bankruptcy Court for the Southern District of Florida.

A portion of the DIP proceeds will be used to complete construction on 10 homes in Regency Hills' Hartwood Reserve residential project in Lake County, Fla.

The DIP facility will also be used to fund a $75,000 interest reserve and other costs and expenses.

Levitt and Sons, a Fort Lauderdale, Fla.-based homebuilding subsidiary of Levitt Corp., filed for bankruptcy on Nov. 9. Its Chapter 11 case number is 07-19845.

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