WCI Keeps Treading Water

Bonita Springs-based WCI Communities Inc. got the OK this week from the Delaware bankruptcy court handling its Chapter 11 case to enter into a new $150-million debtor-in-possession financing agreement. The DIP includes an $80-million term loan plus $70 million in revolving credit, with Wachovia Bank and Bank of America acting as administrative and collateral agents, respectively.

What’s amazing about this bit of news, besides the fact that WCI is still treading water when it didn’t seem likely to last far beyond summer, is that lenders who won’t even share an elevator with condo developers lately are willing to help this one. That isn’t lost on David Fry, the company’s interim president and CEO, who stated: “WCI is in an excellent position to move to the next stage of the restructuring process with confidence.”