Levitt and Sons $11.6 million stalking horse bid from MBSC approved

By Alice Popovici

New York, Aug. 14 - Levitt and Sons LLC received court approval to designate MBSC, LLC as the stalking horse bidder in the $11.6 million sale of its Prince Creek planned community in Horry County, S.C., according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

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

Bid documents must be submitted by Sept. 4. The auction, if any, will take place Sept. 9, and the court hearing to approve any sales that resulted from the auction will be held Sept. 10.

As previously reported, 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.

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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