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LandSource to emerge from Chapter 11

New company dubbed Newhall Land Development; Lennar to own part of debt-free company

Posted: July 20, 2009 5:39 p.m.
Updated: July 20, 2009 5:39 p.m.
 
MIAMI, July 20, 2009 (PRNewswire-FirstCall) -- Lennar Corporation (NYSE: LEN and LEN.B) announced today that the U.S. Bankruptcy Court in Wilmington, Del. has confirmed the plan of reorganization for LandSource Communities Development LLC.

LandSource will emerge from bankruptcy as a reorganized company called Newhall Land Development, LLC.

Today's confirmation clears the way for the reorganized company to emerge from Chapter 11 with more than $90 million in cash and free of debt.

As part of the plan, Lennar will invest approximately $140 million in exchange for a 15 percent equity stake in the reorganized Newhall, the settlement and the release of all claims that might have been asserted against Lennar, and ownership of the equity in several projects that were formerly owned by LandSource.

Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. The company builds affordable, move-up and retirement homes primarily under the Lennar brand name.

Lennar's Financial Services segment provides primarily mortgage financing, title insurance and closing services for buyers of the company's homes and others.

Previous press releases and further information about the company are posted in the "Investor Relations" section of the company's Web site, www.lennar.com.

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