William Lyon Homes will file for bankruptcy protection as part of a debt reorganization plan that will likely turnover control of the family-owned builder to a New York hedge fund.The plan is to quickly exit bankruptcy with a new financial structure by the end of the first quarter 2012.Two weeks ago, Lyon Homes and its money partners agreed to a recapitalization that would bring in $85 million in fresh cash and shrink and extend the builder’s debts. Founded in 1956, William Lyon has sold over 72,000 homes in California, Arizona and Southern Nevada. The builder currently has 10 communities in the Las Vegas Valley.William Lyon Homes to File Chapter 11
William Lyon Homes will file for bankruptcy protection as part of a debt reorganization plan that will likely turnover control of the family-owned builder to a New York hedge fund.The plan is to quickly exit bankruptcy with a new financial structure by the end of the first quarter 2012.Two weeks ago, Lyon Homes and its money partners agreed to a recapitalization that would bring in $85 million in fresh cash and shrink and extend the builder’s debts. Founded in 1956, William Lyon has sold over 72,000 homes in California, Arizona and Southern Nevada. The builder currently has 10 communities in the Las Vegas Valley.
