WCI files for Chapter 11 bankruptcy protection

Florida-based homebuilder WCI Communities filed for Chapter 11 bankruptcy reorganization in August, citing declines in both pricing and sales of new homes and condominiums and dramatic increases in cancellations of purchase offers.

The company, which has projects in approximately 40 communities, primarily in Florida, experienced $184.3 million in losses during the first half of 2008, and claimed aggregate indebtedness of $766.2 million.

David Fry, who headed WCI's golf course community developments for many years, has replaced former president and CEO Jerry Starkey, who resigned after accepting a substantial severance package.

Golf course communities developed by WCI include Hammock Bay, Tiburon, Venetian Golf & River Club, Lost Key, Pelican Preserve, The Colony, Sun City Center and Lost Key.

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