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Builder heads to bankruptcy court

From Times Staff and Wire Reports

Home builder WCI Communities Inc. filed for Chapter 11 bankruptcy protection after failing to obtain additional financing in the face of massive losses.

WCI Chairman Carl Icahn said the filing was necessary because the Bonita Springs, Fla., firm’s $1.8-billion debt might soon be in default after some holders of $125 million in convertible notes insisted on being paid in full immediately.


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