LandSource Communities Development

Representation of the creditors’ committee in the chapter 11 case of LandSource and its affiliated companies in the District of Delaware. LandSource owns more than 50 communities across the United States with approximately 35,000 homesites and golf courses. Through the firm’s efforts, within 30 days of the appointment of the creditors’ committee, the committee was able to defeat the onerous financing proposal presented by the debtors and the senior secured creditors. As a result, general unsecured creditors that were behind approximately $1.4 billion of debt – and in all likelihood out of the money – may receive a recovery as high as 75 cents on the dollar.