WCI Communities

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WCI Posts Loss, Violates Covenants

With enormous losses posted, WCI stands on shaky ground. More

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WCI, Facing Deadline, Improves Offer to Creditors

Luxury public builder does not have cash to cover upcoming $125 million debt call. More

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WCI Offers Sweetened Deal to Creditors

WCI Communities is offering its creditors a sweeter debt deal to back off on their demands to be repaid early. More

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Builders Break Out of Industry's Holding Pattern

Some builders didn't let a down market impede their growth last year. But gaining market share meant selling a smaller product. More

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WCI Revenue Plunges 59.5 Percent; Company Reports $84.1 Million Loss

CEO Jerry Starkey calls it "a very tough and very disappointing quarter" for Florida-based builder. More

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WCI Communities loses $579 million in 2007

Closings for struggling luxury builder fell 25.2 percent to 1,657 homes. More

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Amending Credit Terms Gives WCI New Life

Last night, WCI Communities got another reprieve from its lenders, which agreed to amend the terms of its senior secured revolving credit line and term loan. This was the fourth time in as many months that its banks have extended their loans after the Bonita Springs, Fla.-based builder and developer had violated covenants. In their latest concession, the banks have agreed to modify, suspend, or waive certain covenants through June 30, 2009. More

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WCI Hopeful It Can Weather Downturn

The top financial official at WCI Communities is hopeful that the builder of luxury tower and condos units will be able to work out its interest payment agreements with the company's major banks and move forward into 2008 with increased financial flexibility. More

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WCI Communities Cuts Workforce Again

WCI Communities, Inc. announced Wednesday that it will slash its workforce in response to "continued soft demand in its markets." About 575 employees will be laid off, which is expected to generate annual savings of $46 million in salaries and benefits. In addition, the Bonita Springs-based company says David Fry will assume the post of chief operating officer, recently left vacant by Christopher J. Hanlon. Fry will be responsible for WCI's Florida Tower Homebuilding in addition to his other responsibilities. More

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WCI Communities Cuts Workforce Again

WCI Communities, Inc. announced Wednesday that it will slash its workforce in response to "continued soft demand in its markets." About 575 employees will be laid off, which is expected to generate annual savings of $46 million in salaries and benefits. In addition, the Bonita Springs-based company says David Fry will assume the post of chief operating officer, recently left vacant by Christopher J. Hanlon. Fry will be responsible for WCI's Florida Tower Homebuilding in addition to his other responsibilities. More

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