The U.S. Bankruptcy Court has confirmed a reorganization plan for LandSource Communities Development LLC, allowing the company to emerge from Chapter 11 as Newhall Land Development, LLC with more than $90 million in cash and free of debt.

As part of the plan, Lennar will invest approximately $140 million in exchange for a 15 percent equity stake in the reorganized Newhall, the settlement and the release of all claims that might have been asserted against Lennar, and ownership of the equity in several projects that were formerly owned by LandSource.

For previous stories on Newhall Land and the LandSource bankruptcy, click here and here.