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Another builder sets money aside for Chinese drywall claims

A quick little bit of news via the Naples News and the Wall Street Journal

Financially strapped homebuilder WCI Communities Inc. has agreed to create a trust fund to cover Chinese drywall claims.

The agreement is spelled out in a disclosure statement approved by a U.S. bankruptcy judge in Delaware on Friday. The approval paves the way for WCI to proceed with its reorganization plan.

Now, WCI, headquartered in Bonita Springs, can begin seeking acceptance votes from its lenders and other creditors for the plan, which would enable it to emerge from Chapter 11 bankruptcy.

The deadline to vote on the plan is Aug. 19. A hearing to confirm it is scheduled for Aug. 26.

This is good news.

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