Tousa seeks exclusivity extension due to operational plan changes

By Caroline Salls

Pittsburgh, April 9 - Tousa, Inc. is seeking an extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

Specifically, Tousa is looking to extend the exclusive filing period to July 29 from April 30 and the solicitation period to Sept. 27 from June 29.

The company said it has explored any and all restructuring possibilities over the last 14 months and has worked with creditor groups to develop in detail at least three separate plans of reorganization.

In each case, however, Tousa said the macroeconomic challenges facing the company, combined with complicating creditor group litigation factors, rendered those plans obsolete before they could be finalized.

As a result, the company has decided to revise its go-forward operational plan.

Tousa said it is requesting the exclusivity extension to continue to move forward with the plan confirmation process.

Tousa, a Hollywood, Fla.-based homebuilder, filed for bankruptcy on Jan. 29, 2008. Its Chapter 11 case number is 08-10928.

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