WCI Communities, Inc. (NYSE: WCI) late Friday said its Board of Directors has formed a special committee of "disinterested members" of the board to evaluate "alternative restructuring proposals."
The announcement said the group would consider any proposals "that WCI may receive from potential investors, including affiliates." Sitting on the committee will be directors Don E. Ackerman, who will serve as chairman, Charles E. Cobb, Jr., Hilliard M. Eure, III and Jonathan R. Macey.
WCI did not specify whether it had received any proposals. Investor Carl Icahn is WCI's chariman and largest shareholder.
WCI previously announced that it had hired Lazard Freres & Co. as its financial advisor to help develop restructuring alternatives, which would include addressing its 4.0% contingent convertible senior subordinated notes due 2023, which become puttable to the company at par on August 5, 2008.
WCI shares were up 8.33% at $1.60 in the first half hour of trading Monday.