WCI files Chapter 11 bankruptcy

Florida-based luxury home builder WCI Communities Inc. and 130 subsidiaries have filed for Chapter 11 bankruptcy protection from creditors, the company said Monday, acknowledging that up to $1.8 billion in debt may soon be in default.

The company's Watermark real estate brokerage, which does business as Prudential Florida WCI Realty, was excluded from the filing, as was its WCI Mortgage business and certain other joint ventures in which WCI is a partner, the company said.

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