SHERMAN OAKS, Calif.--(BUSINESS WIRE)--Woodbridge Group of Companies, LLC and certain of its affiliates and subsidiaries (together “the Company” or “Woodbridge”), announced today that it is in the process of engaging a new CEO who has homebuilding experience that can be leveraged to maximize value to investors. As part of this, Lawrence Perkins has tendered his resignation, which will be effective following the transition to new management. Mr. Perkins and SierraConstellation Partners, reporting to the new Board of Managers, will remain involved at this time to ensure an orderly transition.
“As we continue to move through the Chapter 11 process and pursue a new CEO, we will be looking to Larry and his firm for support,” said Jan Baker, a member of the Board of Managers. “Larry’s efforts have provided us with a solid foundation to ensure a fair and efficient restructuring process, and we will be working closely with SierraConstellation Partners for as long as necessary to ensure a seamless transition.”
“As the Board and a new CEO continue the work to maximize the value of Woodbridge’s assets, we will fully support them and ensure that the incoming CEO has all of the knowledge and resources needed to be successful,” said Larry Perkins. Mr. Perkins added that he anticipates “no gap in work while he and his team continue to operate in transition to the new CEO. As we have done since we were engaged by Woodbridge in December, we will continue to work closely with Woodbridge’s contractors, vendors, and employees to make sure the business continues to operate in the ordinary course.”
Court filings and other information related to the restructuring are available at www.gardencitygroup.com/cases/WGC.
Gibson Dunn & Crutcher LLP and Young, Conaway, Stargatt & Taylor, LLP are serving as legal advisors.