WCI Communities (WCI) Sinks On Bankruptcy Fears

Shares of WCI Communities (NYSE: WCI) continues to slide today, losing another 23% of their value as the latest bank waiver on the company's loans expires today. If the condo builder is unable to negotiate new terms with its banks it may be forced to file bankruptcy.

If WCI Communities seeks bankruptcy protection it would be the largest builder to date to go under.

In September, Carl Icahn, a large holder of the stock, was elected Chairman of the WCI Board of Directors after the process to explore a sale of the company proved unsuccessful. In early 2007, Icahn offered to acquire WCI for $22 per share, which the company rejected. The complete collapse of the real estate market followed. Today, the stock trades at $1.70.

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