| FORT LAUDERDALE, FL -- Levitt and Sons, LLC last week announced that the company and 37 of its subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code. The Chapter 11 filings were made in the U.S. Bankruptcy Court for the Southern District of Florida in Fort Lauderdale.
Levitt and Sons is the homebuilding subsidiary of Levitt Corporation. Levitt Corporation and its other principal subsidiary, Core Communities, are financially strong and conducting normal business operations.
Levitt and Sons also announced today that Lawrence E. Young of AP Services, LLC and a Managing Director at AlixPartners LLP, was named Chief Restructuring Officer, a new position, effective October 22. In this capacity he will oversee Levitt and Sons' Chapter 11 cases and related matters.
Mr. Young said, "We deeply regret the impact the Chapter 11 filing of Levitt and Sons will have on homeowners, vendors and employees. We remain mindful of Levitt and Sons' customers whose homes have not yet been completed. Through the Chapter 11 process, we seek a mechanism that will facilitate the completion of some unfinished homes. Likewise, we seek a resolution that will allow closings to take place promptly for previously completed homes. In the meantime, we will continue to make Levitt and Sons representatives available to answer customer questions and do what they can to provide assistance."
Additional information about the Chapter 11 filing by Levitt and Sons is available on the company's website: LevittandSons.com. Customer information is also available at 877-538-4889. Vendor information is available at 888-538-4893.
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