WCI Files Chapter 11

Southwest Florida powerhouse developer WCI Communities filed for bankruptcy protection yesterday. While this filing was expected and not a surprise, it is tough to see one of the pillars of the area in such dire straights.

Southwest Florida projects developed by WCI Communities include Gulf Harbour, Gateway, Pelican Preserve and The Colony. WCI visionaries like former CEO Al Hoffman, who persevered in the last real estate bust to build Gulf Harbour, have left an ever-lasting imprint on our community.

I can't say that I blame the debt holders for taking a firm position and not granting another extension. Tough break for the equity holders who will in all probability be wiped out. Expect the sell-off to begin, might be some bargains to be had for the savvy investor.

WCI Fights For Life [News-Press]

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