Tousa granted court approval to sell Florida assets for $61.07 million

By Lisa Kerner

Charlotte, N.C., Dec. 21 - Tousa Inc.'s bid procedures for the proposed $61.07 million sale of substantially all of its Florida assets were approved, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

As previously reported, the stalking horse bidder is Starwood Land Ventures, LLC.

Competing bids are due by 5 p.m. ET on Jan. 15 and must be for at least $1 million more than Starwood's bid, plus cover the break-up fee and expense reimbursement.

An auction will be held on Jan. 22.

Tousa received approval to pay Starwood a 3% break-up fee and reimburse $250,000 of its related expenses if the company accepts another bid for the assets.

A sale hearing is scheduled for Jan. 29.

Tousa, a Hollywood, Fla.-based homebuilder, filed for bankruptcy on Jan. 29, 2008 in the U.S. Bankruptcy Court for the Southern District of Florida. Its Chapter 11 case number is 08-10928.

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