Levitt and Sons creditor Wachovia asks court to terminate exclusive periods

By Jennifer Lanning Drey

Portland, Ore., Nov. 24 - Levitt and Sons, LLC creditor Wachovia Bank, NA asked the U.S. Bankruptcy Court for the Southern District of Florida to terminate the company's exclusive periods to file a plan of liquidation and solicit votes on the plan, according to a Monday filing.

Wachovia said it needed to be able to file its own plan with respect to the Wachovia debtors in order to preserve progress being made in building and managing the communities for which it provides financing.

Wachovia also said that after four exclusivity extensions, it has still not seen a copy of Levitt and Sons' proposed settlement with its parent corporation, Woodbridge, yet the settlement is key to the company's proposed plan of liquidation.

Levitt and Sons, a Fort Lauderdale, Fla.-based homebuilding subsidiary of Levitt Corp., filed for bankruptcy on Nov. 9, 2007. Its Chapter 11 case number is 07-19845.

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