Report: Lennar may get big discount on land deal
Written on March 20, 2009
Lennar Corp. is reportedly close to buying back at a big discount land it sold to California Public Employees Retirement System in February 2007 for about $707 million.
The Wall Street Journal reported Friday that the country’s second biggest homebuilder is in talks with creditors of LandSource Communities Development LLC to form a new company to buy back much of the land Lennar sold at the top of the market cash advance.
LandSource sought bankruptcy protection in June 2007, wiping out much of the CalPers investment.
A group of several hundred creditors that hold $1 billion of LandSource debt would partner with Lennar to provide equity forthe new company, the Journal reported.
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