Famous Architects Levitt and Sons files bankruptcy
Levitt and son of Fort Lauderdale, stopped the construction of all its projects, including seasons in the tradition in Port St. Lucia, was the nation’s largest bankruptcy of owner, given that the real estate market continues to collapse.
The storied, a stand-alone division of Levitt Corp., entered Chapter 11 protection against its creditors in U.S. Bankruptcy Court in Broward County. It lists assets of less than $ 1 million and debt of over $ 100 million.
Levitt & Sons, he said, sales of some or all of its property, including agriculture and unverkauften apartments to repay creditors.
The bankruptcy came after the company delayed by more than $ 300 million in the form of loans from the bank Wachovia and KeyBank, after a Securities and Exchange Commission application was filed.
Builders across the nation has been awarded this year the housing market deteriorated. An oversupply of housing unverkauften, rising cancellations made in credit and income Crunch lost, because falling prices have devastated the industry.
“The name Levitt much weight in the construction of homes,” said Mike Larson, an analyst with white housing to Jupiter Research. “To see, bankruptcy, it is proof that this decline is to say that the victims”.
Over the past two months, Levitt & Sons dismiss most of its 412 or more employees to build houses, as it attempts to restructure the debt. He said Friday that negotiations with donors will continue.
The company has no developments in Broward and Palm Beach Counties, but relies on the tradition of seasons, one 55 and seniors in the town of Port St. Lucia. Elsewhere in Florida, she projects on the west coast, Orlando and Jacksonville. It also built in Georgia, South Carolina and Tennessee.
Levitt and Sons there were no guarantees for buyers of houses unfinished, but said he would try some of them, and the sooner face the closure of properties. Finally, other owners in the construction and transformation.
“There is no one simple answer, applicable across the board,” said Paul Singerman, a bankruptcy lawyer Levitt and Sons. “The circumstances in accordance with the decisions that each of the lenders. We are very sensitive to the problems of our customers. We know that this is not easy. ”
Angelo Palermo, 69, renting an apartment in Pembroke Pines while waiting for his $ 380000 house in Port St. Lucia manufacture. He is not optimistic, which gives $ 38000 bond.
“My lawyer told me he saw as they go bankrupt,” Palermo said Friday. “But when they go bankrupt, I am at the end of the list for collecting money.
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