WCI Reorganizing Under U.S. Bankruptcy Laws

WCI, the Bonita Springs, Fla.-based homebuilder, announced in early August that it is planning to restructure its debt and capital under the U.S. bankruptcy laws.

In a press release announcing the filing, Carl C. Icahn, chairman of WCI’s board of directors, stated: “The company, with all diligence, has attempted to avoid a bankruptcy filing. However, the filing became necessary because of the recent failed effort to obtain financing and the recognition that the company’s entire $1.8 billion of debt may soon be in default.”

In late July, WCI had reported a second quarter net loss of $100.2 million. Its revenues during the period were $230.1 million, down 4.6%. That most recent loss compared to a net loss of $33.2 million in the second quarter of 2007.

WCI’s first quarter was bleak as well. For the first quarter of ‘08, the company reported a net loss of $84.1 million. Its first-quarter revenues of $137.1 million were down 59.5%. In the first quarter of 2007, the home builder had lost $15.8 million.

According to WCI press statements, the company had attempted to avoid a bankruptcy filing, but could not when “certain holders of the company’s $125 million convertible notes...rejected its exchange offer and instead insisted on being paid in cash in full on August 5, 2008.”

Simultaneously with its bankruptcy announcement, WCI stated that former CEO Jerry Starkey was leaving the company immediately. Taking over as interim president and CEO will be David L. Fry, who has served as COO since 2007. WCI’s board plans to search for a new CEO and president.

“Day-to-day operations will continue as usual while we work with our stakeholders to restructure the balance sheet,” Fry said in a press statement. “We will continue to sell, build and deliver homes without interruption. Construction and sales activities will continue; employees will come to work and be paid.”

Moss Deploys Defibrillators at Job Sites

Fort Lauderdale, Fla.-based construction manager Moss & Associates announced a program to deploy automated external defibrillators (AEDs) on each of its more than 30 jobsites.

“Safety is one of our core values – it’s how we define ourselves,” Bob Moss, president and CEO of Moss & Associates, said in a press announcement. “This AED initiative is an important component of our comprehensive, proactive approach that focuses on anticipating the location and timing of dangers on the job site.”

Brian Trusky, Moss’s vice president for loss prevention, said the company has teamed with Philips Healthcare’s Cardiac Resuscitation Systems for the initiative, and will integrate Philips AEDs into the standard safety equipment at all jobsites.

If an individual suffers cardiac arrest, AEDs help restore normal heart rhythm. Trusky said Moss is following American Heart Association guidelines by training job site supervisors and other personnel in the use of AEDs as well as CPR techniques.

Florida One of Latest States to Recognize Green Globes Rating System

Florida and Indiana recently became the 17th and 18th states to formally recognize the Green Building Initiative’s Green Globes environmental assessment and rating system in legislation.

Florida Gov. Charlie Crist signed into law an energy and economic development package aimed at reducing greenhouse gas emissions, as well as encouraging investment in alternative and renewable energy technologies. Among it many provisions, the new legislation stipulates that all newly constructed and renovated buildings owned by the state or local government must meet the requirements of either the GBI’s Green Globes environmental assessment and rating system, the Florida Green Building Coalition’s green building program, the U.S. Green Building Council’s LEED rating system, or an equivalent nationally recognized certification or rating system.

North Carolina and South Carolina are among the other states that already formally recognize the Green Globes system in legislation.

U.S. Green Building Council Chapter Opens in Fort Myers

The U.S. Green Building Council recently announced the opening of its 81st chapter in Fort Myers, Fla. The new chapter will be named the Southwest Florida Branch of the Gulf Coast Chapter. It will serve as a branch of the established Florida Gulf Coast Chapter, headquartered in Tampa.

The USGBC developed the LEED accreditation system as an independent benchmark for rating high-performance green buildings. The organization also offers professional LEED certification to individuals.

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