Those of us who’ve been watching have expected this for awhile. According to Yahoo Finance today, TOUSA may have to file for bankruptcy. TOUSA homes may be more familiar to readers as Engle Homes, Newmark Homes, Fedrick, Harris Estate Homes, and Trophy Homes. [Thanks L!]
HOLLYWOOD, Fla. (AP) — Homebuilder TOUSA Inc. said Thursday its third-quarter loss widened and it may be forced to file for bankruptcy as the housing slump in Florida worsened.
The company said its ability to remain solvent depends on restructuring to reduce debt in exchange for equity.
TOUSA shares plunged to 25 percent to 19 cents in morning trading on the news. The New York Stock Exchange has informed the company it may delist the stock because it has traded below $1 for more than 30 days.
TOUSA’s Engle Homes currently has 39 active subdivisions in the Valley.
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