Levitt & Sons allowed to abandon home lots

Fort Lauderdale based home builder, Levitt and Sons received permission from the bankruptcy court to walk away from 4,000 residential lots that served as collateral on loans from Bank of America and KeyBank.

The court’s ruling allows Bank of America and KeyBank to begin legal proceedings to get title to the lots which are located in central and northern Florida.  Levitt recently declared bankruptcy earlier this month after it was unable to secure financing to begin construction on the lots.

Levitt and Sons still remains hopeful that it can secure financing agreements with its other key creditors such as Wachovia, Regions, and AmTrust.

You can read more about the Levitt & Sons bankruptcy court findings at the Bradenton Herald.