Tousa agreement in principle to form basis for joint Chapter 11 plan

By Caroline Salls

Pittsburgh, Feb. 20 - Tousa, Inc. has reached an agreement in principle on a mediation settlement proposal, which will form the basis for a joint Chapter 11 plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

The parties to the agreement in principle include the company, its official committee of unsecured creditors, MatlinPatterson Global Advisers and Monarch Alternative Capital LP, as investment adviser to Monarch Master Funding Ltd.

As a result of the agreement, Tousa and the committee are asking the court to schedule an emergency status conference for Feb. 22 to apprise the court of recent developments ahead of a plan mediation status conference already scheduled for Feb. 25.

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

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