WCI Communities dissolves special committee

By Lisa Kerner

Charlotte, N.C., July 14 - WCI Communities, Inc. dissolved the special committee formed to review and evaluate alternative restructuring proposals.

The company continues to review alternatives but is not currently engaged in discussions with affiliates regarding any proposals, according to a WCI news release.

WCI announced the formation of the special committee on June 13.

In May it was reported that WCI hired Lazard Freres & Co. LLC to assist the company in finding a mutually agreeable solution to its expected lack of cash to pay holders of $125 million of its 4% convertible notes, which have a put date of Aug. 5.

WCI is a Bonita Springs, Fla., builder of master-planned lifestyle communities.

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