Levitt and Sons eyes $11.6 million sale of South Carolina community

By Jennifer Lanning Drey

Portland, Ore., July 31 - Levitt and Sons LLC's chief administrator requested court approval of the proposed $11.6 million sale of the company's Prince Creek planned community in Horry County, S.C., according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

The stalking horse bidder is MBSC, LLC.

Proceeds of the sale would allow Levitt and Sons' Wachovia debtors to pay down their debts to Wachovia and potentially provide funding for continuing operations of the post-confirmation Wachovia debtors, according to the filing.

The sale is subject to competing offers, and Levitt and Sons will pay MBSC a $290,000 break-up fee if it selects another bidder.

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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