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Levitt & Sons Files For Bankruptcy Protection
By REUTERS

Filed at 8:18 p.m. ET

NEW YORK (Reuters) - Levitt Corp (LEV.N) home-building unit Levitt & Sons said on Friday that it had filed for bankruptcy protection, reflecting the badly battered Florida market.

The unit, which made most of its money in Florida, said Chapter 11 filing in U.S. Bankruptcy Court in the Southern District of Florida, was made "in response to unprecedented conditions in the home building industry, which have severely impacted the company."

Levitt & Sons is ranked as the 50th-largest U.S. home builder by trade publication BuilderOnline. But the malaise in the broader U.S. housing market ultimately could threaten the financial viability of larger builders, Agency Trading Group analyst Alex Barron said. More

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