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The Future Appears Grim for Levitt and Sons
The end may be near for the home builder best known for building New York's Levittown on Long Island from 1947 to 1951. The Levitt Corp. released a statement Thursday saying subsidiary Levitt and Sons "did not pay the approximately $2.6 million of interest payments due to its five lenders on Oct. 10." The company's announcement is the latest development in what appears to be a turbulent few weeks for Levitt and Sons. The home builder is abandoning the Memphis, Tenn., market after only three years and recently scrapped a 650-unit senior subdivision in Peachtree City, Ga.
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Levitt and Sons Receives Default Notices
In a Securities and Exchange Commission (SEC) filing, the Levitt Corp. says its subsidiary, Levitt and Sons, has received a number of default notices from Wachovia Bank and KeyBank. The company also reiterated that while the builder is pursuing negotiations with its lenders to restructure outstanding debts, the Levitt Corp. would not make any additional advances to Levitt and Sons unless acceptable concessions are made with its principal lenders.
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More Layoffs From Levitt and Sons
Embattled builder Levitt and Sons notified the state of Florida that it is laying off 158 construction employees in Fort Lauderdale by the end of the year. The layoffs come less than a week after the historic builder received four default notices totaling more than $300 million from two of its lenders.
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