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| Lennar Corp. to Own Part of Debt-Free Land Company Lennar Corp, one of the US's leading builders of quality homes for all generations, announced that the U.S. Bankruptcy Court in Wilmington, Delaware has confirmed the plan of reorganization for LandSource Communities Development LLC. LandSource will emerge from bankruptcy as a reorganized company called Newhall Land Development, LLC. The confirmation clears the way for the reorganized company to emerge from Chapter 11 with more than $90 million in cash and free of debt. As part of the plan, Lennar will invest approximately $140 million in exchange for a 15 percent equity stake in the reorganized Newhall, the settlement and the release of all claims that might have been asserted against Lennar, and ownership of the equity in several projects that were formerly owned by LandSource. write your comments about the article :: © 2009 Construction News :: home page |