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Lennar may buy stake in Newhall Ranch

Creditors must sign off on judge's reorganization plan

Posted: June 1, 2009 5:03 p.m.
Updated: June 1, 2009 5:04 p.m.
Home builder Lennar Corp. stands to buy a 15 percent stake in the Newhall Ranch project if a group of creditors signs off on a reorganization plan OK'd by a judge today for the project's bankrupt parent company.

During a 2 1/2-hour hearing in Delaware, U.S. Bankruptcy Court Judge Kevin J. Carey signed off on the reorganization plan for LandSource Communities Development LLC, sending the plan to creditors for a vote, then back to Carey for final confirmation later this summer.

LandSource - owner of Newhall Land and Farming Co. - filed for Chapter 11 protection on June 8, 2008.

Read Tuesday's edition of The Signal for a full report.


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