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It's been eight months since Bonita Springs-based homebuilder WCI Communities filed for bankruptcy reorganization and there's still no plan.
What's taking so long?
In the latest extension request to file a reorganization plan, WCI says it's slogging through nearly 4,000 claims. Its attorneys have also complained that the economic situation has worsened, making any plan more difficult to craft.
The company says it is working closely with the creditor's committee to forge a plan, though it's not clear how far along they are. “The critical issues have now been framed and are in the process of being plumbed,” write attorneys for WCI in an April 1 filing. (A Coffee Talk suggestion: Forget the plunger and bring out the snake.)
This is WCI's third extension to file a reorganization plan and attorneys say the plan will now be filed by Aug. 31, just over a year after they filed for bankruptcy protection.
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