Luxor Set to Take Control of William Lyon in Restructuring
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Luxor Capital Group LP is poised to gain control of William Lyon Homes after the builder filed a plan with regulators for a prepackaged bankruptcy.
Luxor, a New York-based hedge fund, leads creditors that will own 51.5 percent of William Lyon’s equity after the proposed reorganization, according to a filing yesterday with the U.S. Securities and Exchange Commission. The Lyon family, which took the homebuilder private in 2006, will reduce its stake to 20 percent from 94.6 percent, the company said.