Experience

Technical Olympic USA Inc. (TOUSA) Chapter 11

Citicorp North America, Inc. and Citigroup Global Markets Inc.

TOUSA is one of the highest profile Chapter 11 cases in the country today. We represent Citibank as administrative agent in connection with a first priority $700 million revolving secured credit facility and a $200 million secured first priority term loan for TOUSA and certain of its subsidiaries. TOUSA is a top ten national homebuilder concentrated in four major geographic regions: Florida, the Mid-Atlantic, Texas and the West. Fiercely contested fraudulent conveyance litigation brought by the creditors' committee is the primary driver in the case. We act as lead defendants' counsel in the suit that names both the first and second lien lender groups as defendants, as well as the secured lenders to a failed joint venture. Over a million pages of documents have been exchanged, over fifty witnesses have been deposed and the bankruptcy court conducted a twelve day trial in the Southern District of Florida on such issues as solvency, direct and indirect benefits and consolidated enterprise theory. Resolution of the fraudulent conveyance litigation is necessary before a plan of reorganization can be filed and approved.